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Verizon Communications Inc. (NYSE: VZ) is an American broadband and telecommunications company and a component of the Dow Jones Industrial Average. It was formed in 2000 when Bell Atlantic, one of the Regional Bell Operating Companies, merged with GTE. Prior to its transformation into Verizon, Bell Atlantic had merged with another Regional Bell Operating Company, NYNEX, in 1997. The name is a portmanteau of veritas and horizon .
History
Verizon was founded in 1983 as Bell Atlantic Corporation by AT&T Corporation as one of seven Baby Bells that were formed due to an anti-trust judgement against them. It then inherited one of the seven Bell Operating Companies from American Telephone & Telegraph Company (later known as AT&T Corp.) following its breakup. Bell Atlantic's original roster of operating companies included:
- The Bell Telephone Company of Pennsylvania
- New Jersey Bell Telephone Company
- The Diamond State Telephone Company
- The Chesapeake and Potomac Telephone Company
- The Chesapeake and Potomac Telephone Company of Maryland
- The Chesapeake and Potomac Telephone Company of Virginia
- The Chesapeake and Potomac Telephone Company of West Virginia
Bell Atlantic originally operated in the U.S. states of New Jersey, Pennsylvania, Delaware, Maryland, West Virginia, and Virginia, as well as Washington, D.C.
In 1994, Bell Atlantic became the first Regional Bell Operating Company to entirely drop the original names of its original operating companies. Ameritech and NYNEX (and SBC Communications in 2002) simply added d/b/a names to its operating companies; U S West and BellSouth had merged their operating companies. Operating company titles were simplified to:
- Bell Atlantic—Delaware, Inc.
- Bell Atlantic—Maryland, Inc.
- Bell Atlantic—New Jersey, Inc.
- Bell Atlantic—Pennsylvania, Inc.
- Bell Atlantic—Virginia, Inc.
- Bell Atlantic—Washington, D.C., Inc.
- Bell Atlantic—West Virginia, Inc.
In 1996, CEO and Chairman Raymond W. Smith orchestrated Bell Atlantic's merger with NYNEX. When it merged, it moved its corporate headquarters from Philadelphia to New York City. NYNEX was consolidated into this name by 1997.
Prior to its merger with GTE, Bell Atlantic traded on the New York Stock Exchange (NYSE) under the "BEL" symbol.
GTE merger
Bell Atlantic acquired GTE on June 30, 2000 and changed its name to Verizon Communications Inc. It was among the largest mergers in United States business history. It was the result of a definitive merger agreement, dated July 27, 1998, between Bell Atlantic, based in New York City since the merger with NYNEX in 1996, and GTE, which was in the process of moving its headquarters from Stamford, Connecticut, to Irving, Texas.
The Bell Atlantic–GTE merger, priced at more than $52 billion at the time of the announcement, closed nearly two years later, following analysis and approvals by Bell Atlantic and GTE shareowners, 27 state regulatory commissions and the Federal Communications Commission (FCC), and clearance from the United States Department of Justice (DoJ) and various international agencies.
The merger of Bell Atlantic and GTE, to form Verizon Communications, became effective on June 30, 2000, with an exchange ratio of 1.22 shares of Verizon Communications Common Stock for each share of GTE Common Stock owned. Fractional shares resulting from the exchange of GTE stock into Verizon Communications shares were sold at a price of $55.00 per share. Verizon began trading on the NYSE under its new "VZ" symbol on Monday, July 3, 2000.
Meanwhile, on September 21, 1999, Bell Atlantic and UK-based Vodafone AirTouch Plc (now Vodafone Group Plc) announced that they had agreed to create a new wireless business with a national footprint, a single brand and a common digital technology – composed of Bell Atlantic's and Vodafone's U.S. wireless assets (Bell Atlantic Mobile (which was previously called Bell Atlantic-NYNEX Mobile by 1997), AirTouch Cellular, PrimeCo Personal Communications, and AirTouch Paging). This wireless joint venture received regulatory approval in six months, and began operations as Verizon Wireless on April 4, 2000, kicking off the new "Verizon" brand name. GTE's wireless operations became part of Verizon Wireless – creating what was initially the nation's largest wireless company before Cingular Wireless acquired AT&T Wireless in 2004 – when the Bell Atlantic–GTE merger closed nearly three months later. Verizon then became the majority owner (55%) of Verizon Wireless.
Genuity was formerly the Internet division of GTE Corp and spun off in 2000. Level 3 Communications acquired the assets of the bankrupt ISP in 2002 for only $137 million; a bargain-basement price considering the $616 million that a pre-Bell Atlantic-merger GTE paid for Genuity (then BBN Planet) in 1997.
Merger effects
Note this section refers to land lines only, as Verizon Wireless operates nationwide.
Verizon shares were made a component of the Dow Jones Industrial Average on April 8, 2004. Verizon currently has 140.3 million land lines in service. With the MCI merger, it has more than 250,000 employees. Verizon serves customers throughout much of the United States. The primary states that it provides service to include:
- Southwestern Connecticut
- Delaware
- Maryland
- Massachusetts*
- New Jersey
- New York
- Pennsylvania †
- Rhode Island*
- Virginia †
- West Virginia
- Washington, D.C.
These states are served by the following renamed Bell Operating Companies:
- Verizon Delaware, Inc. – Also serves a portion of southeastern Pennsylvania
- Verizon Maryland, Inc.
- Verizon New England Telephone & Telegraph, Inc. – noted with a (*)
- Verizon New Jersey, Inc.
- Verizon New York Telephone, Inc. – Also serves Southwestern Connecticut
- Verizon Pennsylvania, Inc.
- Verizon Virginia, Inc.
- Verizon Washington, D.C., Inc.
- Verizon West Virginia, Inc.
(**) Also served by GTE operating companies (refer below)
It also provides service to secondary markets (mostly from its acquisition of GTE) in:
- Arizona &
- California & ◊
- Florida
- Idaho ◊
- Illinois †
- Indiana ‡
- Michigan ‡
- Nevada &
- North Carolina*
- Ohio †
- Oregon ◊
- South Carolina*
- Texas
- Washington ◊
- Wisconsin †
These states are served by these operating companies:
- GTE Southwest, Inc. dba Verizon Southwest,Inc., which serves only Texas.
- GTE Florida, Inc. dba Verizon Florida, Inc.
- Verizon South, Inc. (marked with a *)
- Verizon North, Inc. (marked with a † )
- Contel of the South, Inc. dba Verizon Mid-States, Inc. (marked with a ‡ ) Also served by Verizon North.
- Verizon Northwest, Inc.(marked with a ◊ ) Operations in California do business as "Verizon West Coast, Inc."
- Verizon California, Inc. (marked with a & )
Many Verizon New England operations were sold to FairPoint Communications on April 1, 2008. Markets included:
- Maine
- New Hampshire
- Vermont
Due to the rigorous climate and high costs, GTE Alaska was sold to Alaska Power and Telephone Company rather than be merged with Verizon.
Verizon also owns stakes in some international communications companies, most notably 23.14% of Vodafone Italy. On April 3, 2006 Verizon agreed to sell its stakes in Verizon Dominicana (operating in the Dominican Republic), CANTV of Venezuela, and Puerto Rico Telephone Company, Inc. (PRT) in Puerto Rico to Telmex and América Móvil for $3.7 billion. Verizon's other international investment is 50% ownership of Gibraltar NYNEX Communications.
In 2002, Verizon sold GTE's former telephone operations in 3 states: Missouri and Alabama operations were sold to CenturyTel, and Kentucky operations were sold to Alltel, which later spun off its landline operations as Windstream. In 2005, Verizon sold off GTE's former telephone operations in Hawaii to The Carlyle Group, This operation is now known as Hawaiian Telcom. As of January 16, 2007, Verizon's operations in Maine, New Hampshire, and Vermont are going to be split off into a new Bell Operating Company, spun off, and merged with FairPoint Communications.
In 2006 Verizon moved its headquarters from New York City to Basking Ridge, New Jersey.
MCI acquisition
On February 14, 2005, Verizon agreed to acquire MCI, formerly WorldCom, after SBC Communications agreed to acquire AT&T Corp. just a fe
According to the deep throats at Verizon, we will have to wait a little bit longer to buy the BlackBerry Storm. The original November 14 launch date has been delayed again because of a "software glitch". It also looks like it's now headed on direct collision course against the iPhone, specially for businesses.
Months after the company successfully lobbied for open access to enable applications and services to run on more mobile phones, and drove up Verizon's cost for the C-block 700MHz wireless spectrum, the Federal Communications Commission has unanimously agreed to open up the "white spaces spectrum."
Google, which reportedly has been talking with Verizon about making its search engine the default on most Verizon phones, better close the deal soon--and get it in writing. That's because The Wall Street Journal is reporting that Microsoft is attempting to pry the dea
Rothschild controlled Vodaphone/Vodacom, partner of David Rockefeller's JPMC controlled Verizon, fleeced the South African government and Telekom, acquiring a controlling interest in the mobile phone business there.The Rothschiolds already control every broadband wireless platform in Europe via First Mark Communications. A One World Company coming.
Too good to be true? Cited Fortune’s Techland blog, in connecting with Vodafone’s recent announcement that they would fully subsidize the Blackberry Storm, Gizmodo reported that Verizon might be considering similar low cost options to compete against the iPhone.
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