BT and AT&T's Concert venture (1998-2002)
BT and AT&T built Concert, a global venture to serve multinational companies. Management clashes, heavy debt, and losses of about $800 million a year sank it. The partners split the assets in 2001.
The wind-down cost roughly 2,300 jobs. AT&T took about $5.3 billion in charges and BT about $1.7 billion.
Concert's assets folded back into each carrier's regional operations, ending BT's biggest attempt at a global enterprise tie-up.
It is BT's clearest precedent for a 50-50 transatlantic enterprise venture, and a reminder that shared control and culture gaps can break these deals.
