THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Tuesday, August 15, 1995 TAG: 9508150074
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Daily Digest
LENGTH: Short : 24 lines
Billionaire John Kluge's plans to sell his entire stake in WorldCom Inc. depressed the stock price Monday of the nation's fourth-largest telephone company. Kluge owns about 30.9 million shares, or 16.3 percent, of the Jackson, Miss.-based phone company through his Metromedia Co. and is its chairman as well as its biggest shareholder. The Metromedia stake will be sold via an underwriting by the investment firm Donaldson, Lufkin & Jenrette Securities Corp. Kluge said he would remain as chairman of WorldCom. He and two colleagues - Stuart Subotnick and Silvia Kessel - elected to the WorldCom board as a result of Metromedia's stake in it will remain as directors of the phone company. (AP) by CNB