RNS Number:1076E
Bellsouth Corp
14 October 2004




More information

Jeff Battcher

BellSouth Media Relations

404-249-2793







   BellSouth and Telefonica Moviles close on BellSouth operations in 3 Latin
                               American countries



For immediate release

October 14, 2004





Atlanta, GA - BellSouth Corporation (NYSE: BLS) and Telefonica Moviles S.A.
(NYSE: TEM), the wireless affiliate of Telefonica, S.A. (NYSE: TEF), announced
today that the two companies have completed the transfer of BellSouth's
ownership interest in three wireless operations in Latin America: Ecuador,
Guatemala and Panama. Telefonica Moviles has taken control of the operations of
these properties, effective immediately.



BellSouth will receive $1.2 billion for its interest in the three properties and
will recognize a gain of approximately $600 million, or approximately 33 cents
per share, in the fourth quarter of 2004.



The two companies announced in March 2004 that they had reached a definitive
agreement for BellSouth to sell its interests in 10 Latin American operations to
Telefonica Moviles. The agreement provided a purchase price based on total
enterprise value of $5.85 billion.  As announced at that time, the transaction
will close in stages with transfer of BellSouth's interest in the operations in
the remaining seven Latin American countries (Argentina, Chile, Colombia,
Nicaragua, Peru, Uruguay and Venezuela) expected to close by the end of 2004
subject to all requisite governmental approvals being obtained.







About BellSouth Corporation



BellSouth Corporation is a Fortune 100 communications company headquartered in
Atlanta, Georgia and a parent company of Cingular Wireless, the nation's second
largest wireless voice and data provider.



Backed by award winning customer service, BellSouth offers the most
comprehensive and innovative package of voice and data services available in the
market. Through BellSouth Answers(R), residential and small business customers
can bundle their local and long distance service with dial up and high speed DSL
Internet access, satellite television and Cingular(R) Wireless service. For
businesses, BellSouth provides secure, reliable local and long distance voice
and data networking solutions. BellSouth also offers online and directory
advertising through BellSouth(R) RealPages.com(R) and The Real Yellow Pages(R).



More information about BellSouth can be found at www.bellsouth.com.



In addition to historical information, this document may contain forward-looking
statements regarding events and financial trends. Factors that could affect
future results and could cause actual results to differ materially from those
expressed or implied in the forward-looking statements include: (i) a change in
economic conditions in domestic or international markets where we operate or
have material investments which would affect demand for our services; (ii)
currency devaluations and continued economic weakness in certain international
markets in which we operate or have material investments; (iii) the intensity of
competitive activity and its resulting impact on pricing strategies and new
product offerings; (iv) higher than anticipated cash requirements for
investments, new business initiatives and acquisitions; (v) unfavorable
regulatory actions and (vi) those factors contained in the Company's periodic
reports filed with the SEC. The forward-looking information in this document is
given as of this date only, and, BellSouth assumes no duty to update this
information.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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