Verizon to Sell Off Phone and Cable Lines in Several States
Verizon to Sell Off Phone and Cable Lines in Several States
Posted 04/08/2010 at 6:00am
| by Paul Lilly
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An Oregon newspaper is reporting that Verizon plans to offload its cable and phone operations in Oregon, Washington, and 11 other states so that it can put more focus into its wireless and high-speed Internet ventures.
One of the biggest customers in Verizon's fire sale is Frontier Communications Corp. Frontier will reportedly spend $5.3 billion in stock acquiring Verizon's phone and cable lines in several different markets, almost tripling its size when the deal is complete. There is some concern, however, that Frontier might be getting in over its head, but the company says otherwise.
"We don't feel like we're biting off more than we can chew," said Frontier spokesman Steven Crosby. "It's not like we're going to be getting rid of employees. We're going to be bringing employees with us, 11,000 of them."
The deal will leave Verizon investors with about two-thirds of Frontier's shares, while Frontier will inherit mostly older phone lines.
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hammer6556
April 09, 2010 at 4:13am
my mom works at verizon/now frontier, this deal was signed last summer. verizon keeps fios and their wireless, frontier only gets phone and dsl services.
squirelwsu
April 08, 2010 at 1:00pm
There is a billboard on I-5 in washington that has said verizon is leaving for the past month. It is a comcast add so they knew a while ago.
rockntrumpet
April 08, 2010 at 10:32am
Uh oh, this could be bad. Or I supposed good. My FIOS better not suffer, s'all I'm saying because if is does, my only other choice is crapcast. All I can do is hope everything works out for the better...ARRRGHHH!!!
BAMT
April 08, 2010 at 12:59pm
They're selling their copper lines:
"Verizon plans to offload its cable and phone operations...so that it can put more focus into its wireless and high-speed Internet ventures."
punditguy
April 08, 2010 at 8:58am
I'd imagine that in the last days of the horse and carriage, there were amazing deals to be had on the remaining buggy whips.
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