Telecom market ripe for consolidation.

The Dallas Morning News Knight Ridder/Tribune Business News

Feb. 15--After several years of deliberate and painstaking restructuring, telecom companies are creating corporate empires with renewed zeal.

Verizon Communications Inc. said Monday it would pay $6.75 billion in stock and cash for MCI Inc. It is the latest in a string of deals that would leave four companies -- SBC Communications Inc., Verizon, BellSouth Corp. and Sprint Corp. -- as the undisputed giants of the industry.

It's a logical outcome that some experts say will usher in a new era of stability for the bruised and battered industry. But critics contend that the high-degree of consolidation will mean consumers will pay more and the industry will innovate at a far slower pace.

Here's how the four giants would stack up:

Verizon would be the biggest with revenue approaching $90 billion.

SBC, which is buying AT&T Corp., would be a close second in size and scope.

Sprint Corp., which has agreed to acquire Nextel Communications Inc., will be a solid No. 3, especially in …