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Wikipedia

Verizon

January 01, 1970

For the mobile network, see Verizon (mobile network). For the fiber-optic residential service, see Verizon Fios.
Not to be confused with Vierzon.

Verizon Communications Inc., commonly known as Verizon (/vəˈraɪzən/ və-RYE-zən), is an American multinational telecommunications conglomerate. The company is incorporated in Delaware, and headquartered at 1095 Avenue of the Americas in Midtown Manhattan, New York City.[3] Verizon's capital stock is a component of the Dow Jones Industrial Average.[10] It is the world's second-largest telecommunications company by revenue.

Verizon Communications Inc.
Current logo since September 1, 2015
Headquarters in New York City
FormerlyBell Atlantic Corporation (1983–2000)
Company typePublic
ISINUS92343V1044
Industry
Predecessors
FoundedOctober 7, 1983; 40 years ago (1983-10-07)
Headquarters1095 Avenue of the Americas,
New York City, New York
,
U.S.
Area served
Worldwide, mainly serving United States
Key people
Hans Vestberg (chairman & CEO)
Tony Skiadas (EVP & CFO)
Products
Revenue US$133.97 billion (2023)
US$22.877 billion (2023)
US$12.095 billion (2023)
Total assets US$380.26 billion (2023)
Total equity US$93.799 billion (2023)
Number of employees
105,400 (2023)
Divisions
SubsidiariesYahoo (10%)
Websiteverizon.com
Footnotes / references
[1][2][3][4][5][6][7][8][9]

The company was formed in 1984 as Bell Atlantic as a result of the breakup of the Bell System into seven companies, each a Regional Bell Operating Company (RBOC), commonly referred to as "Baby Bells."[11] The company was originally headquartered in Philadelphia and operated in the states of Pennsylvania, New Jersey, Delaware, Maryland, Virginia, and West Virginia.

In 1997, Bell Atlantic expanded into New York and the New England states by merging with fellow Baby Bell NYNEX. While Bell Atlantic was the surviving company, the merged company moved its headquarters from Philadelphia to NYNEX's old headquarters in New York City. In 2000, Bell Atlantic acquired GTE, which operated telecommunications companies across most of the rest of the country not already in Bell Atlantic's footprint. Bell Atlantic, the surviving entity, changed its name to Verizon, a portmanteau of veritas (Latin for "truth") and horizon.[12]

In 2015, Verizon expanded into content ownership by acquiring AOL,[13][14] and two years later, it acquired Yahoo! Inc.[15] AOL and Yahoo were amalgamated into a new division named Oath Inc.,[16] which was rebranded as Verizon Media in January 2019, and was spun off and rebranded to Yahoo after its sale to Apollo Global Management.

As of 2016, Verizon is one of three remaining companies with roots in the former Baby Bells. The other two, like Verizon, exist as a result of mergers among fellow former Baby Bell members. SBC Communications bought the Bells' former parent AT&T Corporation and took on the AT&T name, and CenturyLink acquired Qwest (formerly US West) in 2011 and later became Lumen Technologies in 2020.

Verizon's mobile network is the second-largest wireless carrier in the United States, with 144.8 million subscribers as of December 31, 2023.[17] It also sells accessories and gear for mobiles and PCs.

History edit

Bell Atlantic and mergers with NYNEX, GTE and Vodafone (1984–2002) edit

In 1983, the US Department of Justice came to a settlement with AT&T Corporation to breakup the Bell System. Bell Atlantic Corporation was created as one of the original "Baby Bell" Regional Bell Operating Companies (RBOCs) in 1984.[18][19]

Bell Atlantic's original roster of operating companies included:

In 1996, CEO and Chairman Raymond W. Smith orchestrated Bell Atlantic's merger with NYNEX.[24] When it merged, it moved its corporate headquarters from Philadelphia to New York City.[24] NYNEX was consolidated into the Bell Atlantic name by 1997.[25]

 
Former logo used from 2000 to September 1, 2015. The logo is occasionally used on payphones and phone cards.

Two months before the Federal Communications Commission (FCC) gave final approval on the formation of Verizon Communications, Bell Atlantic formed Verizon Wireless in a joint venture with the British telecommunications company Vodafone in April 2000.[26][27][28] The companies established Verizon Wireless as its own business operated by Bell Atlantic, which owned 55% of the venture.[27] Vodafone retained 45% of the company.[27] The deal was valued at approximately $70 billion and created a mobile carrier with 23 million customers.[26][27] Verizon Wireless merged Bell Atlantic's wireless network, Vodafone's AirTouch and PrimeCo holdings, and the wireless division of GTE.[27][29][30] Due to its size, Verizon Wireless was able to offer national coverage at competitive rates, giving it an advantage over regional providers typical of the time.[26]

Bell Atlantic changed its name to Verizon Communications in June 2000, when the FCC approved the US$64.7 billion merger with telephone company GTE, nearly two years after the deal was proposed in July 1998. The merger was announced on April 4.[31] The name Verizon derives from the combination of the words veritas, Latin for truth, and horizon.[32][33]

The approval came with 25 stipulations to preserve competition between local phone carriers, including investing in new markets and broadband technologies.[31] The new entity was headed by co-CEOs Charles Lee, former CEO of GTE, and Bell Atlantic CEO Ivan Seidenberg.[31]

Verizon became the largest local telephone company in the United States, operating 63 million telephone lines in 40 states.[34] The company also inherited 25 million mobile phone customers.[34] Additionally, Verizon offered internet services and long-distance calling in New York, before expanding long-distance operations to other states.[31][35]

Approximately 85,000 Verizon workers went on an 18-day labor strike in August 2000 after their union contracts expired.[36][37] The strike affected quarterly revenues,[38] resulting in Verizon Wireless' postponement of the company's initial public offering (IPO)[38] (the IPO was ultimately cancelled in 2003 because the company no longer needed to raise revenue for Verizon Wireless due to increased profits),[39] and created a backlog of repairs.[37] This strike did not involve all company employees, as most line technicians and user technicians of the company are in a union.

Verizon launched 3G service in 2002, which doubled the Internet speed of the time to 144 kb per second.[40] In August 2002, Verizon began offering local, long-distance and mobile calling, as well as Internet service, in a bundle. It was initially only available to customers in New York and Massachusetts.[35]

Early expansion (2003–2010) edit

The Dow Jones Industrial Average added Verizon Communications to its stock market index in April 2004.[41] Verizon replaced telecom competitor AT&T, which had been a part of the index since the Great Depression.[41]

Verizon launched its Fios Internet service, which transmits data over fiber optic cables, in Keller, Texas, in 2004.[42][43] The company launched Fios TV in September 2005, also in Keller. Twenty percent of qualified homes had signed up by the end of 2004.[44] By January 2006, Fios offered over 350 channels in eight states, including 20 high-definition television channels and video on demand.[44]

Mail servers at Verizon.net were configured in December 2004 to not accept connections from Europe by default in an attempt to reduce spam email that was originating from the region. Individual domains would only be unblocked upon request.[45] The move was criticized by its customers for disrupting their communications without notice,[46] causing them to initiate a class-action lawsuit.[47] Verizon proposed a settlement in April 2006.[48]

Beginning in 2005, Verizon reinforced its focus on its mobile phone, Internet, and TV businesses by selling a number of its U.S.-based wireline-focused businesses and international assets.[49] It sold 700,000 lines in Hawaii in 2005,[49][50] and spun off lines in Maine, New Hampshire and Vermont in January 2007, which were then purchased by FairPoint Communications for $2.72 billion.[49] Verizon also shed its telephone directory business in 2006.[51] In May 2009, the company spun off wirelines in Arizona, Idaho, Illinois, Indiana, Michigan, Nevada, North Carolina, Ohio, Oregon, South Carolina, Washington, West Virginia, and Wisconsin into a company that then merged with Frontier Communications in a deal valued at $8.6 billion.[52][53] It sold its interests in telecommunications providers in the Dominican Republic, Puerto Rico and Venezuela América Móvil.[54] A decade later, it would continue moves to invest in wireless. In 2015, American Tower Corp. acquired the exclusive right to lease, acquire or otherwise operate and manage many of Verizon's wireless towers for an upfront payment of $5.1 billion, which also included payment for the sale of approximately 165 towers. Verizon used the funds from this sale to support a $10.4 billion purchase of AWS-3 spectrum licenses at an FCC auction.[55] In 2016, Verizon sold its wireline operations in Texas, Florida, and California to Frontier.[56]

Verizon began negotiations in 2005 to purchase long-distance carrier MCI, who accepted the company's initial $6.75 billion offer in February but then received a higher offer from Qwest Communications. Verizon increased its bid to $7.6 billion, which MCI accepted on March 29, 2005.[57] The acquisition gave the company access to MCI's million corporate clients and international holdings, expanding Verizon's presence into global markets.[57][58] As a result, Verizon Business was established as a new division to serve the company's business and government customers.[59] The FCC approved the deal on October 31, 2005, valuing it at $8.5 billion.[60] Verizon's 2006 revenues rose by as much as 20% following the purchase.[49]

USA Today reported in May 2006 that Verizon, as well as AT&T and BellSouth, had given the National Security Agency landline phone records following the September 11 attacks.[61][62] That same month, a $50 billion lawsuit was filed by two lawyers on behalf of all Verizon subscribers for privacy violations and to prevent the company from releasing additional records without consent or warrant.[61][62] Protesters staged the National Day of Out(R)age due in part to the controversy.[63] In 2007, Verizon stated that it fulfilled only "lawful demands" for information,[64] but also acknowledged surrendering customer information to government agencies without court orders or warrants 720 times between 2005 and 2007.[65]

Verizon won a lawsuit against Vonage for patent infringement in March 2007. The three patents named were filed by Bell Atlantic in 1997, and relate to the conversion of IP addresses into phone numbers, a key technology of Vonage's business.[66] The company was awarded US$58 million in damages and future royalties.[66] Vonage later lost an appeal and was ordered to pay Verizon $120 million.[67]

In May 2007, Verizon acquired CyberTrust, a privately held provider of global information security services.[68]

In September 2007, Verizon Wireless reversed a controversial decision to deny NARAL Pro-Choice America a short code through which the organization could text consumers who had signed up for messaging from the group. The company had initially refused the group access to a code by reserving the right to block "controversial or unsavory" messages.[69]

Verizon opened its networks to third party apps and devices for the first time in 2007,[70] a decision that allowed it to participate in the FCC's 2008 700 MHz auction of "open access" spectrum.[70][71] During that auction, the company bid $9.4 billion and won the bulk of national and local licenses for airwaves reaching approximately 469 million people.[71][72] Verizon utilized the increased spectrum for its 4G service.[71]

Verizon acquired Rural Cellular Corp. for $2.7 billion in cash and assumed debt in 2008.[73] That summer, Verizon announced it would purchase wireless carrier Alltel for $28.1 billion. The acquisition included 13 million customers, which allowed Verizon Wireless to surpass AT&T in number of customers and reach new markets in rural areas.[74]

4chan began receiving reports on February 4, 2010, from Verizon Wireless customers that were having difficulties accessing the site's image boards. Administrators of the site found that only traffic on port 80 to the boards.4chan.org domain was affected, leading them to believe the block was intentional. On February 7, 2010, Verizon Wireless confirmed that 4chan.org was "explicitly blocked"[75] after Verizon's security and external experts detected sweep attacks coming from an IP address associated with the 4chan network. Traffic was restored several days later.[76]

The chairmen of Verizon and Google agreed that network neutrality should be defined and limited in August 2010.[77][78]

In October 2010, Verizon Wireless paid $77.8 million in refunds and FCC penalties for overcharging 15 million customers for data services. The company stated the overcharges were accidental and only amounted to a few dollars per customer.[79][80]

Verizon introduced its 4G LTE network in 38 markets, as well as airports in seven additional cities in December 2010. The company planned on a three-year continuous expansion of the 4G service.[81]

Expansion of services (2011–present) edit

 
Current Verizon logo (since 2015)

Verizon acquired Terremark, an information technology services company, for $1.4 billion in early 2011.[82]

Ivan Seidenberg retired as Verizon's CEO on August 1, 2011, and was succeeded by Lowell McAdam.[83]

In December 2011, the non-partisan organization Public Campaign criticized Verizon for its tax avoidance procedures after it spent $52.34 million on lobbying while collecting $951 million in tax rebates between 2008 and 2010 and making a profit of $32.5 billion. The same report also criticized Verizon for increasing executive pay by 167% in 2010 for its top five executives while laying off 21,308 workers between 2008 and 2010.[84] However, in its Form 10-K filed with the SEC on February 24, 2012, Verizon reported having paid more than $11.1 billion in taxes (including income, employment and property taxes) from 2009 to 2011. In addition, the company reported in the 10-K that most of the drop in employment since 2008 was due to a voluntary retirement offer.[85]

Verizon purchased Hughes Telematics, a producer of wireless features for automobiles, for $612 million in June 2012 as part of its strategy to expand into new growth areas in its wireless business.[86] The same month, Verizon's E-911 service failed in the aftermath of the June 2012 derecho storm in several northern Virginia suburbs of Washington, D.C., with some problems lasting several days.[87] The FCC conducted an investigation[87] and released a report detailing the problems that led to the failure in January 2013. Verizon reported that it had already addressed or was addressing a number of the issues related to the FCC report, including the causes of generator failures, conducting audits of backup systems, and making its monitoring systems less centralized,[88] although the FCC indicated that Verizon still needed to make additional improvements.[89]

The FCC ruled that Verizon must stop charging users an added fee for using 4G smartphones and tablets as Wi-Fi hotspots (known as "tethering"). Verizon had been charging its customers, even those with "unlimited" plans, $20 per month for tethering. As part of the 2012 settlement, Verizon made a voluntary payment of $1.25 million to the U.S. Treasury.[90]

In August 2012, the Department of Justice approved Verizon's purchase of Advanced Wireless Services (AWS) spectrum from a consortium of cable companies, including Comcast, Time Warner Cable and Bright House Networks, for $3.9 billion.[91] Verizon began expanding its LTE network utilizing these extra airwaves in October 2013.[92]

The Guardian reported it had obtained an order by the Federal Bureau of Investigation (FBI) and approved by the United States Foreign Intelligence Surveillance Court that required Verizon to provide the National Security Agency (NSA) with telephone metadata for all calls originating in the U.S.[93][94] Verizon Wireless was not part of the NSA data collection for wireless accounts due to foreign ownership issues.[95]

Verizon purchased Vodafone's 45% stake in Verizon in September 2013 for $130 billion.[96] The deal closed on February 21, 2014, and became the third largest corporate deal ever signed, giving Verizon Communications sole ownership of Verizon Wireless.[97]

On January 14, 2014, the DC Circuit Court of Appeals struck down the FCC's net neutrality rules after Verizon filed suit against them in January 2010.[98][99] In June 2016, in a 184-page ruling, the United States Court of Appeals for the District of Columbia Circuit upheld, by a 2–1 vote, the FCC's net neutrality rules and the FCC's determination that broadband access is a public utility rather than a luxury. AT&T and the telecom industry said they would seek to appeal the decision to the Supreme Court.[100]

The Wall Street Journal reported that Verizon received more than 1,000 requests for information about its subscribers on national security grounds via National Security Letters. In total, Verizon received 321,545 requests from federal, state and local law enforcement for U.S. customer information.[101] In May 2015, Verizon agreed to pay $90 million "to settle federal and state investigations into allegations mobile customers were improperly billed for premium text messages."[102]

Verizon Wireless launched the technology news website SugarString in October 2014. The publication attracted controversy after it was reported that its writers were forbidden from publishing articles related to net neutrality or domestic surveillance. Although Verizon denied that this was the case, the site (described as being a pilot project) was shuttered in December.[103][104]

In August 2015, Verizon launched Hum, a service and device offering vehicle diagnostic and monitoring tools for vehicles.[105] On August 1, 2016, Verizon announced its acquisition of Fleetmatics, a fleet telematics system company in Dublin, Ireland, for $2.4 billion, to build products that it offers to enterprises for logistics and mobile workforces.[106] On September 12, 2016, Verizon announced its acquisition of Sensity, a startup for LED sensors, in an effort to bolster its IoT portfolio.[107] A few months later, Verizon acquired mapping startup SocialRadar, whose technology would be integrated with MapQuest.[108]

Verizon was accused by Communications Workers of America of deliberately refusing to maintain its copper telephone service in 2016. The organization released internal memos and other documents stating that Verizon workers in Pennsylvania were being instructed to, in areas with network problems, migrate voice-only customers to VoiceLink, a system that delivers telephone service over the Verizon Wireless network, instead of repairing the copper lines. VoiceLink has limitations, including incompatibility with services or devices that require the transmission of data over the telephone line, and a dependency on battery backup in case of power failure. The memo warned that technicians who do not follow this procedure would be subject to "disciplinary action up to and including dismissal". A Verizon spokesperson responded to the allegations, stating that the company's top priority was to restore service to customers as quickly as possible, and that VoiceLink was a means of doing so in the event that larger repairs had to be done to the infrastructure. The spokesperson stated that it was "hard to argue with disciplining someone who intentionally leaves a customer without service".[109][110]

Verizon was reported to be in talks with Charter Communications in January 2017 to discuss a possible buyout.[111][112] Charter reportedly rejected the deal around the end of May 2017, citing that the offer was too low for them to accept, and its largest shareholder Liberty Media stated that they were not ready to sell.[113]

Verizon added to its fiber-optic network and 5G capabilities in February 2017 when it closed its $1.8 billion acquisition of XO Communications' fiber-optic network business.[114] Verizon and Corning Inc. announced a deal in April 2017 whereby Verizon would purchase 12.4 million miles of optical fiber per year from Corning from 2018 through 2020.[114] Months later, Verizon purchased WideOpenWest's fiber-optic assets in the Chicago market for $225 million.[115]

Also in 2017, Verizon was sued by New York City for violating its cable franchise agreement, which required the provider to pass a fiberoptic network to all households in the city by June 30, 2014. Verizon disputed the claims, citing landlords not granting permission to install the equipment on their properties, and an understanding with the government that the fiber network would follow the same routes as its copper lines, and did not necessarily mean it would have to pass the lines in front of every property.[116]

Verizon Connect was created in 2018, combining the individual Telematics, Fleetmatics, and Telogis units.[117][118][119]

On December 10, 2018, Verizon announced that 10,400 managers had agreed to leave the company as part of a "voluntary separation program" offered to 44,000 employees, resulting in a cut of around 7% of its workforce. At the same time, the company announced a $4.6 billion write-off on its media division, citing "increased competitive and market pressures throughout 2018 that have resulted in lower-than-expected revenues and earning."[120]

Verizon underwent structural and organizational changes from 2018 to 2019. Hans Vestberg succeeded Lowell McAdam as CEO on August 1, 2018.[121][122] Vestberg's strategy focused on Verizon's 5G technology.[122] In early 2019, Verizon reorganized itself into three new divisions—Consumer, Business and Media.[122][123]

Verizon began offering anti-spam and robocalling features free of charge to all customers beginning in March 2019.[124]

Verizon began rolling out its 5G mobile network in April 2019; the network was active in 30 cities by the end of the year.[125][126] Verizon uses millimeter-wave (mmWave) spectrum as part of its 5G network.[127] While capable of very high speeds, mmWave has limited range and poor building penetration.[128][129]

On January 14, 2020, Verizon announced the launch of its privacy-focused search engine OneSearch.[130][131]

Verizon acquired videoconferencing service BlueJeans in May 2020 in order to expand its business portfolio offerings, particularly its unified communications offerings. While the price of the acquisition was not announced, it was believed to be in the sub $500 million range.[132]

In September 2020, Verizon announced its plans to acquire TracFone Wireless (a business unit of Mexican telecom business, America Movil) for $6.25 billion.[133] The deal was approved by the FCC on November 22, 2021, and closed the following day.

In 2021, Verizon and AT&T delayed 5G network deployment because the service could interfere with airplane cockpit security systems.[134] In early January 2022, the companies announced 5G deployment but agreed to a two-week delay.[135] In mid-January, Verizon said the high-speed wireless service would still launch, but with a temporary restriction around airports. In late January 2022, the Federal Aviation Administration agreed with AT&T and Verizon on a list of measures that would make it possible to activate 5G on more towers.[136] As a result, carriers have been able to pinpoint areas around airports where the 5G signal should be attenuated, and the FAA reported that about 90% of US commercial aircraft are equipped with approved radio altimeters, allowing the tech to land in areas of poor visibility with a deployed 5G network. The agency also said work is continuing to ensure that all aircraft can operate within range of the service.[137]

Verizon more than doubled its existing mid-band spectrum holdings in early 2021 by adding an average of 161 MHz of C-Band nationwide, purchased for $52.9 billion at an FCC C-Band auction. The company won between 140 and 200 MHz of C-Band spectrum in every available market.[138]

In December 2023, Verizon announced plans to open a new global center of excellence in Limerick, Ireland, in early 2024, aiming to create over 400 jobs in the next two years. This expansion, which adds to its existing workforce of 1,000 employees in Dublin, will offer various positions in technology and communications, including financial operations and network engineering.[139]

Acquisition of AOL and Yahoo edit

 
Service van with Verizon's former logo and livery

Verizon acquired AOL in 2015 at $50 per share, for a deal valued around $4.4 billion.[140][141] The following year, Verizon announced it would acquire the core internet business of Yahoo! for $4.83 billion.[15][142][143] Following the completion of the acquisitions, Verizon created a new division called Oath, which includes the AOL and Yahoo brands.[16] The sale did not include Yahoo's stakes in Alibaba Group and Yahoo! Japan.[144][145]

Verizon CEO Lowell McAdam in 2017 confirmed the company plans to launch a streaming TV service.[146] The integrated AOL-Yahoo operation, housed under the newly created Oath division, would be organized around key content-based pillars.[147]

Verizon completed its acquisition of Yahoo for $4.48 billion on June 13, 2017.[148]

Verizon sold its media group, including AOL and Yahoo, to Apollo Global Management for $5 billion in 2021,[149] with Verizon retaining a 10% stake in the division.[150]

Finances edit

For the fiscal year 2022, Verizon reported earnings of US$21.75 billion, with an annual revenue of US$136.835 billion, an increase of 2.4% over the previous fiscal cycle. Verizon's shares traded at over $45 per share, and its market capitalization was valued at over US$229.1 billion in October 2018.[151] Verizon is currently ranked #26 in the Fortune 500 for 2023 and #64 in the Fortune Global 500. In 2022, the company was ranked #23 in the Fortune 500 and #54 in the Fortune Global 500.

Year Revenue
in mil. US$ 		Net income
in mil. US$ 		Total Assets
in mil. US$ 		Price per Share
in US$ 		Employees
2005 69,518 7,397 168,130 33.85
2006 88,182 6,197 188,804 34.05
2007 93,469 5,521 186,959 41.22
2008 97,354 −2,193 202,352 34.90
2009 107,808 4,894 226,907 30.46
2010 106,565 2,549 220,005 30.41
2011 110,875 2,404 230,461 36.64
2012 115,846 875 225,222 42.00
2013 120,550 11,497 274,098 48.66 176,800
2014 127,079 9,625 232,616 48.61 177,300
2015 131,620 17,879 244,175 47.17 177,700
2016 125,980 13,127 244,180 51.40 160,900
2017 126,034 30,101 257,143 48.24 155,400
2018 130,863 15,528 264,829 52.08 144,500
2019 131,868 19,265 291,727 58.06 135,000
2020 128,292 18,348 316,481 58.75 132,200
2021 133,613 22,618 366,596 52.25 118,400
2022 136,835 21,748 379,680 39.40 117,100
2023 133,974 12,095 380,255 105,400

States edit

See also: Verizon FiOS

The company offers Internet, traditional landline phone or VoIP, Home Security, Premium Television, Web Hosting and wholesale data in nine states' footprint across the eastern United States.[152][153][154]

Key markets include
  • Delaware
  • Maryland
    • Baltimore, MD
    • Salisbury, MD
  • Massachusetts (Eastern)
    • Boston, MA
  • New Jersey
  • New York
    • Albany, NY
    • Auburn, NY
    • Binghamton, NY
    • Buffalo, NY
    • Glens Falls, NY
    • Saratoga Springs, NY
    • Long Island, NY
    • New York City
    • Plattsburgh, NY
    • Staten Island, NY
    • Syracuse, NY
  • Pennsylvania
    • Harrisburg, PA
    • Philadelphia, PA
    • Pittsburgh, PA
  • Rhode Island
    • Providence, RI
  • Virginia
    • Norfolk, VA
    • Richmond, VA
  • Washington, DC

Marketing campaigns edit

Since its inception, Verizon Communications has run several marketing campaigns, including:

Can you hear me now? edit

The "Can you hear me now?" campaign, which was created for the newly formed Verizon Wireless, started running in 2001, and featured actor Paul Marcarelli in the role of "Test Man", a character based on a Verizon network tester, who travels the country asking "Can you hear me now?".[155][156][157] The campaign, originally conceived by New York agency Bozell, ran from early 2001 to September 2010.[158][159] Data from the technology tracking firm The Yankee Group showed that, in the early years of the campaign, net customers grew 10% to 32.5 million in 2002 and 15% more to 37.5 million in 2003. In addition, customer turnover dropped to 1.8% in 2001, down from 2.5% in 2000.[157] In 2011, Marcarelli parted ways with Verizon, and became a spokesperson for Sprint.[160]

There's a map for that edit

The "There's a map for that" campaign was launched in late 2009, designed as a parody of AT&T's "There's an app for that" campaign. The ads depicted a side-by-side comparison of Verizon and AT&T network coverage maps.[161] In early November 2009, AT&T filed a lawsuit in Atlanta federal court, claiming that the coverage maps being used in the ads were misleading.[162] The suit was dropped later that month in conjunction with Verizon dropping a similar suit against AT&T.[161]

That's not cool edit

In 2009, Verizon joined with the Ad Council, in partnership with the Family Violence Prevention Fund and the Office on Violence Against Women, to create the "That's not cool" public service advertising campaign. Designed to help teens recognize and prevent digital dating abuse, the ads were run on its Wireless' Mobile Web service, Verizon FiOS internet and TV.[163][164]

Powerful Answers edit

In January 2013, Verizon launched the "Powerful Answers" campaign, designed by agency McGarryBowen.[165] The campaign centered around a contest in which $10 million in prizes was offered to individuals for finding solutions to "the world's biggest challenges" by making use of Verizon's cloud, broadband and wireless networks.[166][167] Winners of the inaugural competition were announced at the 2014 Consumer Electronics Show.[166] Israel-based TinyTap won the education category; Smart Vision Labs of Newport, Rhode Island, won in the healthcare category; and Mosaic Inc. of Oakland, California, won in the sustainability category.[166]

Inspire Her Mind edit

In June 2014, Verizon launched the "Inspire Her Mind" campaign, created by agency AKQA. It was designed to encourage girls' interest in science, technology, engineering and math,[168] and aimed to address findings from the National Science Foundation, whose research showed that 66 percent of fourth-grade girls said they were interested science and math, yet only 18 percent of college students in engineering and math are women.[169][170]

Flipside Stories (#NeverSettle) edit

In February 2015, Verizon launched its Flipside Stories ad campaign, featuring the #NeverSettle hashtag. The ads showed dramatized "testimonials" of people with and without Verizon Wireless or Verizon Fios services.[171][172][173]

Better Matters edit

In 2016, Verizon started using the slogan "Better Matters" in reference to its networks.[174]

Humanability campaign edit

Verizon launched its Humanability campaign in 2017.[175][176] The company aimed for the ads to showcase to consumers and investors its diversification of revenue sources and technology beyond smartphones. These include online advertising, data collection, Internet of Things, smart cities, telematics, and media.[175][176]

Corporate governance edit

Executives edit

As of 2024:[177]

Corporate responsibility edit

Verizon grants money to organizations through its philanthropic arm, The Verizon Foundation.[178] The company ran HopeLine, which had provided mobile phones to victims of domestic violence.[179][180] Verizon's educational initiatives include the Verizon Innovative Learning Schools program that provides children access to STEM education programs.[181]

Between 2019 and 2023, Verizon issued five green bonds for a total of $5 billion. Proceeds from its 2023 issue were earmarked to transition to more environmentally friendly electrical grids.[182][183]

In 2020, Verizon launched its "Citizen Verizon" plan with an outline of social and environmental goals.[184][181] Among this plan is a pledge to be completely carbon neutral by 2035. The plan also includes digital-skills training for young people.[184]

Criticism edit

Security concerns edit

According to Google Project Zero researcher Tavis Ormandy, Verizon applies a simplistic certification methodology to give its "Excellence in Information Security Testing" award, e.g. to Comodo Group. It focuses on GUI functions instead of testing security relevant features. Not detected were Chromodo browser disabling of the same-origin policy, a VNC-delivered with a default of weak authentication, not enabling address space layout randomization (ASLR) when scanning, and using access control lists (ACLs) throughout its product.[185]

Net neutrality edit

Verizon and Comcast have been actively lobbying for current changes in the FCC's regulations that require internet service providers to offer all content at one internet speed regardless of the type of content since the early 2000s. In 2014, Verizon unsuccessfully sued the FCC for these powers.[186]

In July 2017, it was reported that Verizon's mobile network had been limiting streaming services such as Netflix and YouTube to a speed of 10 Mbit/s; Verizon stated to Ars Technica that it had been testing a system to "optimize the performance of video applications on our network", and that it would not affect video quality.[187][188]

Deceptive advertising of 5G edit

In May 2020, the Better Business Bureau criticized Verizon for claiming it was "building the most powerful 5G experience for America" and recommended that the company make clear and conspicuous disclosures to consumers about the limited actual availability of its 5G network.[189] Verizon had been cited by the Better Business Bureau in March 2019 for ads that "convey the message that Verizon has achieved the important milestone of deploying the first mobile wireless 5G network" prior to 5G availability, falsely conveying that the technology was currently available.[190]

Privacy edit

Verizon has a one-star privacy rating from the Electronic Frontier Foundation.[191]

In April 2024, Verizon was fined nearly $47 million by the FCC for illegally sharing access to customers' real-time location data.[192]

Sponsorships and venues edit

Verizon is the title sponsor of several large performance and sports venues as well as a sponsor of many major sporting organizations.

National Hockey League edit

In January 2007, Verizon secured exclusive marketing and promotional rights with the National Hockey League.[193] The deal was extended for another three years in 2012 and included new provisions for the league to provide exclusive content through Verizon's GameCenter app.[194]

Motorsports edit

In 2009 and 2010 Verizon sponsored Justin Allgaier in the NASCAR Nationwide Series, before they chose to opt out of a two-year-old NASCAR team sponsorship with Penske Racing in order to pursue an expanded presence with the IndyCar Series.[195] In March 2014 Verizon became title sponsor of the series through 2018.[196]

Verizon also sponsored a race in the 2021 NASCAR Cup Series season, the Verizon 200 at the Brickyard at Indianapolis Motor Speedway.[197]

National Football League edit

In late 2010, Verizon Communications joined with Vodafone Group in a joint partnership to replace Sprint as the official wireless telecommunications partner of the National Football League.[198] The four-year deal was estimated at $720 million. In June 2013, Verizon announced a four-year extension with the NFL in a deal reportedly valued at $1 billion. The new agreement gave Verizon the right to stream every NFL regular-season and playoff game.[199]

USA Team Handball edit

In January 2020, Verizon became a founding partner of USA Team Handball through the year 2020, with an option to extend the deal until 2024. They are the jersey sponsor for the men's and women's national handball team and the men's and women's national beach handball teams. They are presenter of the USA Team Handball College Nationals.[200]

In 2020 USA Team Handball CEO Barry Siff that they are planning to create an American professional team handball league sponsored by Verizon.[201] They are planning to have the owners until the end of 2020. They are planning to launch the league in 2023 with 10 teams with each team initially worth $3 million to $5 million and want to cooperate with NBA or NHL owners in one-tenant arena situations.[202] To create multisports clubs like FC Barcelona or Paris Saint-Germain.[203]

Venues edit

The main home concert hall of the Philadelphia Orchestra at the Kimmel Center for the Performing Arts is named Verizon Hall.[204]

Verizon was the former sponsor for a number of sporting and entertainment arenas, including Simmons Bank Arena (formerly Verizon Arena) in North Little Rock, Arkansas,[205] the Mayo Clinic Health System Event Center (formerly Verizon Center) in Mankato, Minnesota,[206] and the SNHU Arena in Manchester, New Hampshire, which was originally known as the Verizon Wireless Arena until September 2016 when Southern New Hampshire University acquired the naming rights for a period of at least 10 years.[207] Verizon was also the title sponsor of entertainment amphitheaters in locations throughout the United States, including four individually referred to as the "Verizon Wireless Amphitheatre" in Irvine, California,[208] Maryland Heights, Missouri,[209] Selma, Texas,[210] and Alpharetta, Georgia.[211]

Verizon is a former sponsor of the Capital One Arena in Washington, DC.[212]

See also edit

References edit

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External links edit

 
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January 01, 1970
verizon, mobile, network, mobile, network, fiber, optic, residential, service, fios, confused, with, vierzon, communications, commonly, known, zən, american, multinational, telecommunications, conglomerate, company, incorporated, delaware, headquartered, 1095,. For the mobile network see Verizon mobile network For the fiber optic residential service see Verizon Fios Not to be confused with Vierzon Verizon Communications Inc commonly known as Verizon v e ˈ r aɪ z en ve RYE zen is an American multinational telecommunications conglomerate The company is incorporated in Delaware and headquartered at 1095 Avenue of the Americas in Midtown Manhattan New York City 3 Verizon s capital stock is a component of the Dow Jones Industrial Average 10 It is the world s second largest telecommunications company by revenue Verizon Communications Inc Current logo since September 1 2015Headquarters in New York CityFormerlyBell Atlantic Corporation 1983 2000 Company typePublicTraded asNYSE VZDJIA componentS amp P 100 componentS amp P 500 componentISINUS92343V1044IndustryTelecommunications Mass mediaPredecessorsNYNEXGTEFoundedOctober 7 1983 40 years ago 1983 10 07 Headquarters1095 Avenue of the Americas New York City New York U S Area servedWorldwide mainly serving United StatesKey peopleHans Vestberg chairman amp CEO Tony Skiadas EVP amp CFO ProductsCable television Landline Mobile phone Broadband Digital television IPTV Digital Media Internet TelematicsRevenueUS 133 97 billion 2023 Operating incomeUS 22 877 billion 2023 Net incomeUS 12 095 billion 2023 Total assetsUS 380 26 billion 2023 Total equityUS 93 799 billion 2023 Number of employees105 400 2023 DivisionsVerizon Consumer Verizon BusinessSubsidiariesYahoo 10 Websiteverizon comFootnotes references 1 2 3 4 5 6 7 8 9 The company was formed in 1984 as Bell Atlantic as a result of the breakup of the Bell System into seven companies each a Regional Bell Operating Company RBOC commonly referred to as Baby Bells 11 The company was originally headquartered in Philadelphia and operated in the states of Pennsylvania New Jersey Delaware Maryland Virginia and West Virginia In 1997 Bell Atlantic expanded into New York and the New England states by merging with fellow Baby Bell NYNEX While Bell Atlantic was the surviving company the merged company moved its headquarters from Philadelphia to NYNEX s old headquarters in New York City In 2000 Bell Atlantic acquired GTE which operated telecommunications companies across most of the rest of the country not already in Bell Atlantic s footprint Bell Atlantic the surviving entity changed its name to Verizon a portmanteau of veritas Latin for truth and horizon 12 In 2015 Verizon expanded into content ownership by acquiring AOL 13 14 and two years later it acquired Yahoo Inc 15 AOL and Yahoo were amalgamated into a new division named Oath Inc 16 which was rebranded as Verizon Media in January 2019 and was spun off and rebranded to Yahoo after its sale to Apollo Global Management As of 2016 update Verizon is one of three remaining companies with roots in the former Baby Bells The other two like Verizon exist as a result of mergers among fellow former Baby Bell members SBC Communications bought the Bells former parent AT amp T Corporation and took on the AT amp T name and CenturyLink acquired Qwest formerly US West in 2011 and later became Lumen Technologies in 2020 Verizon s mobile network is the second largest wireless carrier in the United States with 144 8 million subscribers as of December 31 2023 17 It also sells accessories and gear for mobiles and PCs Contents 1 History 1 1 Bell Atlantic and mergers with NYNEX GTE and Vodafone 1984 2002 1 2 Early expansion 2003 2010 1 3 Expansion of services 2011 present 1 3 1 Acquisition of AOL and Yahoo 2 Finances 3 States 4 Marketing campaigns 4 1 Can you hear me now 4 2 There s a map for that 4 3 That s not cool 4 4 Powerful Answers 4 5 Inspire Her Mind 4 6 Flipside Stories NeverSettle 4 7 Better Matters 4 8 Humanability campaign 5 Corporate governance 5 1 Executives 6 Corporate responsibility 7 Criticism 7 1 Security concerns 7 2 Net neutrality 7 3 Deceptive advertising of 5G 7 4 Privacy 8 Sponsorships and venues 8 1 National Hockey League 8 2 Motorsports 8 3 National Football League 8 4 USA Team Handball 8 5 Venues 9 See also 10 References 11 External linksHistory editBell Atlantic and mergers with NYNEX GTE and Vodafone 1984 2002 edit In 1983 the US Department of Justice came to a settlement with AT amp T Corporation to breakup the Bell System Bell Atlantic Corporation was created as one of the original Baby Bell Regional Bell Operating Companies RBOCs in 1984 18 19 Bell Atlantic s original roster of operating companies included The Bell Telephone Company of Pennsylvania 20 New Jersey Bell 21 Diamond State Telephone 22 C amp P Telephone 22 itself comprising four subsidiaries 23 In 1996 CEO and Chairman Raymond W Smith orchestrated Bell Atlantic s merger with NYNEX 24 When it merged it moved its corporate headquarters from Philadelphia to New York City 24 NYNEX was consolidated into the Bell Atlantic name by 1997 25 nbsp Former logo used from 2000 to September 1 2015 The logo is occasionally used on payphones and phone cards Two months before the Federal Communications Commission FCC gave final approval on the formation of Verizon Communications Bell Atlantic formed Verizon Wireless in a joint venture with the British telecommunications company Vodafone in April 2000 26 27 28 The companies established Verizon Wireless as its own business operated by Bell Atlantic which owned 55 of the venture 27 Vodafone retained 45 of the company 27 The deal was valued at approximately 70 billion and created a mobile carrier with 23 million customers 26 27 Verizon Wireless merged Bell Atlantic s wireless network Vodafone s AirTouch and PrimeCo holdings and the wireless division of GTE 27 29 30 Due to its size Verizon Wireless was able to offer national coverage at competitive rates giving it an advantage over regional providers typical of the time 26 Bell Atlantic changed its name to Verizon Communications in June 2000 when the FCC approved the US 64 7 billion merger with telephone company GTE nearly two years after the deal was proposed in July 1998 The merger was announced on April 4 31 The name Verizon derives from the combination of the words veritas Latin for truth and horizon 32 33 The approval came with 25 stipulations to preserve competition between local phone carriers including investing in new markets and broadband technologies 31 The new entity was headed by co CEOs Charles Lee former CEO of GTE and Bell Atlantic CEO Ivan Seidenberg 31 Verizon became the largest local telephone company in the United States operating 63 million telephone lines in 40 states 34 The company also inherited 25 million mobile phone customers 34 Additionally Verizon offered internet services and long distance calling in New York before expanding long distance operations to other states 31 35 Approximately 85 000 Verizon workers went on an 18 day labor strike in August 2000 after their union contracts expired 36 37 The strike affected quarterly revenues 38 resulting in Verizon Wireless postponement of the company s initial public offering IPO 38 the IPO was ultimately cancelled in 2003 because the company no longer needed to raise revenue for Verizon Wireless due to increased profits 39 and created a backlog of repairs 37 This strike did not involve all company employees as most line technicians and user technicians of the company are in a union Verizon launched 3G service in 2002 which doubled the Internet speed of the time to 144 kb per second 40 In August 2002 Verizon began offering local long distance and mobile calling as well as Internet service in a bundle It was initially only available to customers in New York and Massachusetts 35 Early expansion 2003 2010 edit The Dow Jones Industrial Average added Verizon Communications to its stock market index in April 2004 41 Verizon replaced telecom competitor AT amp T which had been a part of the index since the Great Depression 41 Verizon launched its Fios Internet service which transmits data over fiber optic cables in Keller Texas in 2004 42 43 The company launched Fios TV in September 2005 also in Keller Twenty percent of qualified homes had signed up by the end of 2004 44 By January 2006 Fios offered over 350 channels in eight states including 20 high definition television channels and video on demand 44 Mail servers at Verizon net were configured in December 2004 to not accept connections from Europe by default in an attempt to reduce spam email that was originating from the region Individual domains would only be unblocked upon request 45 The move was criticized by its customers for disrupting their communications without notice 46 causing them to initiate a class action lawsuit 47 Verizon proposed a settlement in April 2006 48 Beginning in 2005 Verizon reinforced its focus on its mobile phone Internet and TV businesses by selling a number of its U S based wireline focused businesses and international assets 49 It sold 700 000 lines in Hawaii in 2005 49 50 and spun off lines in Maine New Hampshire and Vermont in January 2007 which were then purchased by FairPoint Communications for 2 72 billion 49 Verizon also shed its telephone directory business in 2006 51 In May 2009 the company spun off wirelines in Arizona Idaho Illinois Indiana Michigan Nevada North Carolina Ohio Oregon South Carolina Washington West Virginia and Wisconsin into a company that then merged with Frontier Communications in a deal valued at 8 6 billion 52 53 It sold its interests in telecommunications providers in the Dominican Republic Puerto Rico and Venezuela America Movil 54 A decade later it would continue moves to invest in wireless In 2015 American Tower Corp acquired the exclusive right to lease acquire or otherwise operate and manage many of Verizon s wireless towers for an upfront payment of 5 1 billion which also included payment for the sale of approximately 165 towers Verizon used the funds from this sale to support a 10 4 billion purchase of AWS 3 spectrum licenses at an FCC auction 55 In 2016 Verizon sold its wireline operations in Texas Florida and California to Frontier 56 Verizon began negotiations in 2005 to purchase long distance carrier MCI who accepted the company s initial 6 75 billion offer in February but then received a higher offer from Qwest Communications Verizon increased its bid to 7 6 billion which MCI accepted on March 29 2005 57 The acquisition gave the company access to MCI s million corporate clients and international holdings expanding Verizon s presence into global markets 57 58 As a result Verizon Business was established as a new division to serve the company s business and government customers 59 The FCC approved the deal on October 31 2005 valuing it at 8 5 billion 60 Verizon s 2006 revenues rose by as much as 20 following the purchase 49 USA Today reported in May 2006 that Verizon as well as AT amp T and BellSouth had given the National Security Agency landline phone records following the September 11 attacks 61 62 That same month a 50 billion lawsuit was filed by two lawyers on behalf of all Verizon subscribers for privacy violations and to prevent the company from releasing additional records without consent or warrant 61 62 Protesters staged the National Day of Out R age due in part to the controversy 63 In 2007 Verizon stated that it fulfilled only lawful demands for information 64 but also acknowledged surrendering customer information to government agencies without court orders or warrants 720 times between 2005 and 2007 65 Verizon won a lawsuit against Vonage for patent infringement in March 2007 The three patents named were filed by Bell Atlantic in 1997 and relate to the conversion of IP addresses into phone numbers a key technology of Vonage s business 66 The company was awarded US 58 million in damages and future royalties 66 Vonage later lost an appeal and was ordered to pay Verizon 120 million 67 In May 2007 Verizon acquired CyberTrust a privately held provider of global information security services 68 In September 2007 Verizon Wireless reversed a controversial decision to deny NARAL Pro Choice America a short code through which the organization could text consumers who had signed up for messaging from the group The company had initially refused the group access to a code by reserving the right to block controversial or unsavory messages 69 Verizon opened its networks to third party apps and devices for the first time in 2007 70 a decision that allowed it to participate in the FCC s 2008 700 MHz auction of open access spectrum 70 71 During that auction the company bid 9 4 billion and won the bulk of national and local licenses for airwaves reaching approximately 469 million people 71 72 Verizon utilized the increased spectrum for its 4G service 71 Verizon acquired Rural Cellular Corp for 2 7 billion in cash and assumed debt in 2008 73 That summer Verizon announced it would purchase wireless carrier Alltel for 28 1 billion The acquisition included 13 million customers which allowed Verizon Wireless to surpass AT amp T in number of customers and reach new markets in rural areas 74 4chan began receiving reports on February 4 2010 from Verizon Wireless customers that were having difficulties accessing the site s image boards Administrators of the site found that only traffic on port 80 to the boards 4chan org domain was affected leading them to believe the block was intentional On February 7 2010 Verizon Wireless confirmed that 4chan org was explicitly blocked 75 after Verizon s security and external experts detected sweep attacks coming from an IP address associated with the 4chan network Traffic was restored several days later 76 The chairmen of Verizon and Google agreed that network neutrality should be defined and limited in August 2010 77 78 In October 2010 Verizon Wireless paid 77 8 million in refunds and FCC penalties for overcharging 15 million customers for data services The company stated the overcharges were accidental and only amounted to a few dollars per customer 79 80 Verizon introduced its 4G LTE network in 38 markets as well as airports in seven additional cities in December 2010 The company planned on a three year continuous expansion of the 4G service 81 Expansion of services 2011 present edit nbsp Current Verizon logo since 2015 Verizon acquired Terremark an information technology services company for 1 4 billion in early 2011 82 Ivan Seidenberg retired as Verizon s CEO on August 1 2011 and was succeeded by Lowell McAdam 83 In December 2011 the non partisan organization Public Campaign criticized Verizon for its tax avoidance procedures after it spent 52 34 million on lobbying while collecting 951 million in tax rebates between 2008 and 2010 and making a profit of 32 5 billion The same report also criticized Verizon for increasing executive pay by 167 in 2010 for its top five executives while laying off 21 308 workers between 2008 and 2010 84 However in its Form 10 K filed with the SEC on February 24 2012 Verizon reported having paid more than 11 1 billion in taxes including income employment and property taxes from 2009 to 2011 In addition the company reported in the 10 K that most of the drop in employment since 2008 was due to a voluntary retirement offer 85 Verizon purchased Hughes Telematics a producer of wireless features for automobiles for 612 million in June 2012 as part of its strategy to expand into new growth areas in its wireless business 86 The same month Verizon s E 911 service failed in the aftermath of the June 2012 derecho storm in several northern Virginia suburbs of Washington D C with some problems lasting several days 87 The FCC conducted an investigation 87 and released a report detailing the problems that led to the failure in January 2013 Verizon reported that it had already addressed or was addressing a number of the issues related to the FCC report including the causes of generator failures conducting audits of backup systems and making its monitoring systems less centralized 88 although the FCC indicated that Verizon still needed to make additional improvements 89 The FCC ruled that Verizon must stop charging users an added fee for using 4G smartphones and tablets as Wi Fi hotspots known as tethering Verizon had been charging its customers even those with unlimited plans 20 per month for tethering As part of the 2012 settlement Verizon made a voluntary payment of 1 25 million to the U S Treasury 90 In August 2012 the Department of Justice approved Verizon s purchase of Advanced Wireless Services AWS spectrum from a consortium of cable companies including Comcast Time Warner Cable and Bright House Networks for 3 9 billion 91 Verizon began expanding its LTE network utilizing these extra airwaves in October 2013 92 The Guardian reported it had obtained an order by the Federal Bureau of Investigation FBI and approved by the United States Foreign Intelligence Surveillance Court that required Verizon to provide the National Security Agency NSA with telephone metadata for all calls originating in the U S 93 94 Verizon Wireless was not part of the NSA data collection for wireless accounts due to foreign ownership issues 95 Verizon purchased Vodafone s 45 stake in Verizon in September 2013 for 130 billion 96 The deal closed on February 21 2014 and became the third largest corporate deal ever signed giving Verizon Communications sole ownership of Verizon Wireless 97 On January 14 2014 the DC Circuit Court of Appeals struck down the FCC s net neutrality rules after Verizon filed suit against them in January 2010 98 99 In June 2016 in a 184 page ruling the United States Court of Appeals for the District of Columbia Circuit upheld by a 2 1 vote the FCC s net neutrality rules and the FCC s determination that broadband access is a public utility rather than a luxury AT amp T and the telecom industry said they would seek to appeal the decision to the Supreme Court 100 The Wall Street Journal reported that Verizon received more than 1 000 requests for information about its subscribers on national security grounds via National Security Letters In total Verizon received 321 545 requests from federal state and local law enforcement for U S customer information 101 In May 2015 Verizon agreed to pay 90 million to settle federal and state investigations into allegations mobile customers were improperly billed for premium text messages 102 Verizon Wireless launched the technology news website SugarString in October 2014 The publication attracted controversy after it was reported that its writers were forbidden from publishing articles related to net neutrality or domestic surveillance Although Verizon denied that this was the case the site described as being a pilot project was shuttered in December 103 104 In August 2015 Verizon launched Hum a service and device offering vehicle diagnostic and monitoring tools for vehicles 105 On August 1 2016 Verizon announced its acquisition of Fleetmatics a fleet telematics system company in Dublin Ireland for 2 4 billion to build products that it offers to enterprises for logistics and mobile workforces 106 On September 12 2016 Verizon announced its acquisition of Sensity a startup for LED sensors in an effort to bolster its IoT portfolio 107 A few months later Verizon acquired mapping startup SocialRadar whose technology would be integrated with MapQuest 108 Verizon was accused by Communications Workers of America of deliberately refusing to maintain its copper telephone service in 2016 The organization released internal memos and other documents stating that Verizon workers in Pennsylvania were being instructed to in areas with network problems migrate voice only customers to VoiceLink a system that delivers telephone service over the Verizon Wireless network instead of repairing the copper lines VoiceLink has limitations including incompatibility with services or devices that require the transmission of data over the telephone line and a dependency on battery backup in case of power failure The memo warned that technicians who do not follow this procedure would be subject to disciplinary action up to and including dismissal A Verizon spokesperson responded to the allegations stating that the company s top priority was to restore service to customers as quickly as possible and that VoiceLink was a means of doing so in the event that larger repairs had to be done to the infrastructure The spokesperson stated that it was hard to argue with disciplining someone who intentionally leaves a customer without service 109 110 Verizon was reported to be in talks with Charter Communications in January 2017 to discuss a possible buyout 111 112 Charter reportedly rejected the deal around the end of May 2017 citing that the offer was too low for them to accept and its largest shareholder Liberty Media stated that they were not ready to sell 113 Verizon added to its fiber optic network and 5G capabilities in February 2017 when it closed its 1 8 billion acquisition of XO Communications fiber optic network business 114 Verizon and Corning Inc announced a deal in April 2017 whereby Verizon would purchase 12 4 million miles of optical fiber per year from Corning from 2018 through 2020 114 Months later Verizon purchased WideOpenWest s fiber optic assets in the Chicago market for 225 million 115 Also in 2017 Verizon was sued by New York City for violating its cable franchise agreement which required the provider to pass a fiberoptic network to all households in the city by June 30 2014 Verizon disputed the claims citing landlords not granting permission to install the equipment on their properties and an understanding with the government that the fiber network would follow the same routes as its copper lines and did not necessarily mean it would have to pass the lines in front of every property 116 Verizon Connect was created in 2018 combining the individual Telematics Fleetmatics and Telogis units 117 118 119 On December 10 2018 Verizon announced that 10 400 managers had agreed to leave the company as part of a voluntary separation program offered to 44 000 employees resulting in a cut of around 7 of its workforce At the same time the company announced a 4 6 billion write off on its media division citing increased competitive and market pressures throughout 2018 that have resulted in lower than expected revenues and earning 120 Verizon underwent structural and organizational changes from 2018 to 2019 Hans Vestberg succeeded Lowell McAdam as CEO on August 1 2018 121 122 Vestberg s strategy focused on Verizon s 5G technology 122 In early 2019 Verizon reorganized itself into three new divisions Consumer Business and Media 122 123 Verizon began offering anti spam and robocalling features free of charge to all customers beginning in March 2019 124 Verizon began rolling out its 5G mobile network in April 2019 the network was active in 30 cities by the end of the year 125 126 Verizon uses millimeter wave mmWave spectrum as part of its 5G network 127 While capable of very high speeds mmWave has limited range and poor building penetration 128 129 On January 14 2020 Verizon announced the launch of its privacy focused search engine OneSearch 130 131 Verizon acquired videoconferencing service BlueJeans in May 2020 in order to expand its business portfolio offerings particularly its unified communications offerings While the price of the acquisition was not announced it was believed to be in the sub 500 million range 132 In September 2020 Verizon announced its plans to acquire TracFone Wireless a business unit of Mexican telecom business America Movil for 6 25 billion 133 The deal was approved by the FCC on November 22 2021 and closed the following day In 2021 Verizon and AT amp T delayed 5G network deployment because the service could interfere with airplane cockpit security systems 134 In early January 2022 the companies announced 5G deployment but agreed to a two week delay 135 In mid January Verizon said the high speed wireless service would still launch but with a temporary restriction around airports In late January 2022 the Federal Aviation Administration agreed with AT amp T and Verizon on a list of measures that would make it possible to activate 5G on more towers 136 As a result carriers have been able to pinpoint areas around airports where the 5G signal should be attenuated and the FAA reported that about 90 of US commercial aircraft are equipped with approved radio altimeters allowing the tech to land in areas of poor visibility with a deployed 5G network The agency also said work is continuing to ensure that all aircraft can operate within range of the service 137 Verizon more than doubled its existing mid band spectrum holdings in early 2021 by adding an average of 161 MHz of C Band nationwide purchased for 52 9 billion at an FCC C Band auction The company won between 140 and 200 MHz of C Band spectrum in every available market 138 In December 2023 Verizon announced plans to open a new global center of excellence in Limerick Ireland in early 2024 aiming to create over 400 jobs in the next two years This expansion which adds to its existing workforce of 1 000 employees in Dublin will offer various positions in technology and communications including financial operations and network engineering 139 Acquisition of AOL and Yahoo edit nbsp Service van with Verizon s former logo and livery Verizon acquired AOL in 2015 at 50 per share for a deal valued around 4 4 billion 140 141 The following year Verizon announced it would acquire the core internet business of Yahoo for 4 83 billion 15 142 143 Following the completion of the acquisitions Verizon created a new division called Oath which includes the AOL and Yahoo brands 16 The sale did not include Yahoo s stakes in Alibaba Group and Yahoo Japan 144 145 Verizon CEO Lowell McAdam in 2017 confirmed the company plans to launch a streaming TV service 146 The integrated AOL Yahoo operation housed under the newly created Oath division would be organized around key content based pillars 147 Verizon completed its acquisition of Yahoo for 4 48 billion on June 13 2017 148 Verizon sold its media group including AOL and Yahoo to Apollo Global Management for 5 billion in 2021 149 with Verizon retaining a 10 stake in the division 150 Finances editFor the fiscal year 2022 Verizon reported earnings of US 21 75 billion with an annual revenue of US 136 835 billion an increase of 2 4 over the previous fiscal cycle Verizon s shares traded at over 45 per share and its market capitalization was valued at over US 229 1 billion in October 2018 151 Verizon is currently ranked 26 in the Fortune 500 for 2023 and 64 in the Fortune Global 500 In 2022 the company was ranked 23 in the Fortune 500 and 54 in the Fortune Global 500 Year Revenuein mil US Net incomein mil US Total Assetsin mil US Price per Sharein US Employees 2005 69 518 7 397 168 130 33 85 2006 88 182 6 197 188 804 34 05 2007 93 469 5 521 186 959 41 22 2008 97 354 2 193 202 352 34 90 2009 107 808 4 894 226 907 30 46 2010 106 565 2 549 220 005 30 41 2011 110 875 2 404 230 461 36 64 2012 115 846 875 225 222 42 00 2013 120 550 11 497 274 098 48 66 176 800 2014 127 079 9 625 232 616 48 61 177 300 2015 131 620 17 879 244 175 47 17 177 700 2016 125 980 13 127 244 180 51 40 160 900 2017 126 034 30 101 257 143 48 24 155 400 2018 130 863 15 528 264 829 52 08 144 500 2019 131 868 19 265 291 727 58 06 135 000 2020 128 292 18 348 316 481 58 75 132 200 2021 133 613 22 618 366 596 52 25 118 400 2022 136 835 21 748 379 680 39 40 117 100 2023 133 974 12 095 380 255 105 400States editSee also Verizon FiOS The company offers Internet traditional landline phone or VoIP Home Security Premium Television Web Hosting and wholesale data in nine states footprint across the eastern United States 152 153 154 Key markets include Delaware Maryland Baltimore MD Salisbury MD Massachusetts Eastern Boston MA New Jersey New York Albany NY Auburn NY Binghamton NY Buffalo NY Glens Falls NY Saratoga Springs NY Long Island NY New York City Plattsburgh NY Staten Island NY Syracuse NY Pennsylvania Harrisburg PA Philadelphia PA Pittsburgh PA Rhode Island Providence RI Virginia Norfolk VA Richmond VA Washington DCMarketing campaigns editSince its inception Verizon Communications has run several marketing campaigns including Can you hear me now edit The Can you hear me now campaign which was created for the newly formed Verizon Wireless started running in 2001 and featured actor Paul Marcarelli in the role of Test Man a character based on a Verizon network tester who travels the country asking Can you hear me now 155 156 157 The campaign originally conceived by New York agency Bozell ran from early 2001 to September 2010 158 159 Data from the technology tracking firm The Yankee Group showed that in the early years of the campaign net customers grew 10 to 32 5 million in 2002 and 15 more to 37 5 million in 2003 In addition customer turnover dropped to 1 8 in 2001 down from 2 5 in 2000 157 In 2011 Marcarelli parted ways with Verizon and became a spokesperson for Sprint 160 There s a map for that edit The There s a map for that campaign was launched in late 2009 designed as a parody of AT amp T s There s an app for that campaign The ads depicted a side by side comparison of Verizon and AT amp T network coverage maps 161 In early November 2009 AT amp T filed a lawsuit in Atlanta federal court claiming that the coverage maps being used in the ads were misleading 162 The suit was dropped later that month in conjunction with Verizon dropping a similar suit against AT amp T 161 That s not cool edit In 2009 Verizon joined with the Ad Council in partnership with the Family Violence Prevention Fund and the Office on Violence Against Women to create the That s not cool public service advertising campaign Designed to help teens recognize and prevent digital dating abuse the ads were run on its Wireless Mobile Web service Verizon FiOS internet and TV 163 164 Powerful Answers edit In January 2013 Verizon launched the Powerful Answers campaign designed by agency McGarryBowen 165 The campaign centered around a contest in which 10 million in prizes was offered to individuals for finding solutions to the world s biggest challenges by making use of Verizon s cloud broadband and wireless networks 166 167 Winners of the inaugural competition were announced at the 2014 Consumer Electronics Show 166 Israel based TinyTap won the education category Smart Vision Labs of Newport Rhode Island won in the healthcare category and Mosaic Inc of Oakland California won in the sustainability category 166 Inspire Her Mind edit In June 2014 Verizon launched the Inspire Her Mind campaign created by agency AKQA It was designed to encourage girls interest in science technology engineering and math 168 and aimed to address findings from the National Science Foundation whose research showed that 66 percent of fourth grade girls said they were interested science and math yet only 18 percent of college students in engineering and math are women 169 170 Flipside Stories NeverSettle edit In February 2015 Verizon launched its Flipside Stories ad campaign featuring the NeverSettle hashtag The ads showed dramatized testimonials of people with and without Verizon Wireless or Verizon Fios services 171 172 173 Better Matters edit In 2016 Verizon started using the slogan Better Matters in reference to its networks 174 Humanability campaign edit Verizon launched its Humanability campaign in 2017 175 176 The company aimed for the ads to showcase to consumers and investors its diversification of revenue sources and technology beyond smartphones These include online advertising data collection Internet of Things smart cities telematics and media 175 176 Corporate governance editExecutives edit As of 2024 update 177 Hans Vestberg chairman and CEO Sowmyanarayan Sampath head of Verizon Consumer Kyle Malady head of Verizon BusinessCorporate responsibility editVerizon grants money to organizations through its philanthropic arm The Verizon Foundation 178 The company ran HopeLine which had provided mobile phones to victims of domestic violence 179 180 Verizon s educational initiatives include the Verizon Innovative Learning Schools program that provides children access to STEM education programs 181 Between 2019 and 2023 Verizon issued five green bonds for a total of 5 billion Proceeds from its 2023 issue were earmarked to transition to more environmentally friendly electrical grids 182 183 In 2020 Verizon launched its Citizen Verizon plan with an outline of social and environmental goals 184 181 Among this plan is a pledge to be completely carbon neutral by 2035 The plan also includes digital skills training for young people 184 Criticism editSecurity concerns edit According to Google Project Zero researcher Tavis Ormandy Verizon applies a simplistic certification methodology to give its Excellence in Information Security Testing award e g to Comodo Group It focuses on GUI functions instead of testing security relevant features Not detected were Chromodo browser disabling of the same origin policy a VNC delivered with a default of weak authentication not enabling address space layout randomization ASLR when scanning and using access control lists ACLs throughout its product 185 Net neutrality edit Verizon and Comcast have been actively lobbying for current changes in the FCC s regulations that require internet service providers to offer all content at one internet speed regardless of the type of content since the early 2000s In 2014 Verizon unsuccessfully sued the FCC for these powers 186 In July 2017 it was reported that Verizon s mobile network had been limiting streaming services such as Netflix and YouTube to a speed of 10 Mbit s Verizon stated to Ars Technica that it had been testing a system to optimize the performance of video applications on our network and that it would not affect video quality 187 188 Deceptive advertising of 5G edit In May 2020 the Better Business Bureau criticized Verizon for claiming it was building the most powerful 5G experience for America and recommended that the company make clear and conspicuous disclosures to consumers about the limited actual availability of its 5G network 189 Verizon had been cited by the Better Business Bureau in March 2019 for ads that convey the message that Verizon has achieved the important milestone of deploying the first mobile wireless 5G network prior to 5G availability falsely conveying that the technology was currently available 190 Privacy edit Verizon has a one star privacy rating from the Electronic Frontier Foundation 191 In April 2024 Verizon was fined nearly 47 million by the FCC for illegally sharing access to customers real time location data 192 Sponsorships and venues editVerizon is the title sponsor of several large performance and sports venues as well as a sponsor of many major sporting organizations National Hockey League edit In January 2007 Verizon secured exclusive marketing and promotional rights with the National Hockey League 193 The deal was extended for another three years in 2012 and included new provisions for the league to provide exclusive content through Verizon s GameCenter app 194 Motorsports edit In 2009 and 2010 Verizon sponsored Justin Allgaier in the NASCAR Nationwide Series before they chose to opt out of a two year old NASCAR team sponsorship with Penske Racing in order to pursue an expanded presence with the IndyCar Series 195 In March 2014 Verizon became title sponsor of the series through 2018 196 Verizon also sponsored a race in the 2021 NASCAR Cup Series season the Verizon 200 at the Brickyard at Indianapolis Motor Speedway 197 National Football League edit In late 2010 Verizon Communications joined with Vodafone Group in a joint partnership to replace Sprint as the official wireless telecommunications partner of the National Football League 198 The four year deal was estimated at 720 million In June 2013 Verizon announced a four year extension with the NFL in a deal reportedly valued at 1 billion The new agreement gave Verizon the right to stream every NFL regular season and playoff game 199 USA Team Handball edit In January 2020 Verizon became a founding partner of USA Team Handball through the year 2020 with an option to extend the deal until 2024 They are the jersey sponsor for the men s and women s national handball team and the men s and women s national beach handball teams They are presenter of the USA Team Handball College Nationals 200 In 2020 USA Team Handball CEO Barry Siff that they are planning to create an American professional team handball league sponsored by Verizon 201 They are planning to have the owners until the end of 2020 They are planning to launch the league in 2023 with 10 teams with each team initially worth 3 million to 5 million and want to cooperate with NBA or NHL owners in one tenant arena situations 202 To create multisports clubs like FC Barcelona or Paris Saint Germain 203 Venues edit The main home concert hall of the Philadelphia Orchestra at the Kimmel Center for the Performing Arts is named Verizon Hall 204 Verizon was the former sponsor for a number of sporting and entertainment arenas including Simmons Bank Arena formerly Verizon Arena in North Little Rock Arkansas 205 the Mayo Clinic Health System Event Center formerly Verizon Center in Mankato Minnesota 206 and the SNHU Arena in Manchester New Hampshire which was originally known as the Verizon Wireless Arena until September 2016 when Southern New Hampshire University acquired the naming rights for a period of at least 10 years 207 Verizon was also the title sponsor of entertainment amphitheaters in locations throughout the United States including four individually referred to as the Verizon Wireless Amphitheatre in Irvine California 208 Maryland Heights Missouri 209 Selma Texas 210 and Alpharetta Georgia 211 Verizon is a former sponsor of the Capital One Arena in 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b DeMatteo Julia Hood Megan Prosperity Companies foster sustainable communities when they take a long term view and measure progress Business Insider Retrieved January 12 2024 a href Template Cite web html title Template Cite web cite web a CS1 maint multiple names authors list link Verizon Likes Investor Scrutiny on ESG Bonds as Green Sales Boom Bloomberg May 16 2023 Retrieved January 12 2024 Verizon Sees US Investors Ratcheting Up Demands on Green Bonds NYSE VZ Bloomberg Bloomberg News September 26 2022 Archived from the original on September 26 2022 Retrieved January 12 2024 a b Ward Marguerite Verizon unveils new business plan with the goal of going carbon neutral by 2035 and retraining 500 000 employees for emerging tech jobs Business Insider Retrieved January 12 2024 Why Antivirus Standards of Certification Need to Chang Archived August 5 2017 at the Wayback Machine tripwire 2016 03 23 Wyatt Edward January 20 2011 Verizon Sues F C C over Order on Blocking Web Sites The New York Times ISSN 0362 4331 Archived from the original on December 27 2017 Retrieved February 27 2019 Verizon admits to throttling data speeds from Netflix and other video content providers FierceWireless July 24 2017 Archived from the original on December 27 2017 Retrieved December 27 2017 Brodkin Jon July 21 2017 Verizon accused of throttling Netflix and YouTube admits to video optimization Ars Technica Archived from the original on February 4 2019 Retrieved February 4 2019 Horwitz Jeremy May 14 2020 BBB blasts Verizon for 5G ads says coverage claims mislead customers Venture Beat Retrieved May 21 2020 Davis Wendy March 21 2019 Verizon Told To Revise First To 5G Ads MediaPost Retrieved May 21 2020 Who Has Your Back Government Data Requests 2017 July 10 2017 Archived from the original on September 15 2018 Retrieved October 19 2018 Shepardson David April 29 2024 FCC fines US wireless carriers over illegal location data sharing Reuters Archived from the original on April 29 2024 Retrieved May 7 2024 Kevin G DeMarrais January 4 2007 Verizon Wireless reaches marketing deal with NHL The Record Archived from the original on April 2 2015 Retrieved April 9 2014 Michael Long February 14 2012 Verizon extends as NHL wireless provider SportsMedia Archived from the original on April 3 2015 Retrieved April 9 2014 Jim Peltz March 14 2014 Verizon becomes title sponsor of IndyCar racing series Los Angeles Times Archived from the original on March 29 2014 Retrieved April 9 2014 Verizon becomes title sponsor of IndyCar Series AP Online March 14 2014 Archived from the original on October 10 2014 Retrieved April 9 2014 Brown Nathan Verizon named title sponsor of NASCAR Cup race on IMS road course in August The Indianapolis Star Retrieved November 16 2021 How Verizon Wireless Views Sponsorship Activation and ROI IEG Sponsorship Report December 20 2010 Archived from the original on March 7 2014 Retrieved April 9 2014 Wireless Service Providers Dial Up New Sponsorships Sponsorship com August 5 2013 Archived from the original on December 14 2013 Retrieved April 9 2014 USA Team Handball Announces Founding Partner Jersey Partnership With Verizon USA Team Handball January 20 2020 Archived from the original on January 20 2020 Retrieved January 20 2020 Professional handball League in USA with 10 teams to start in 2023 Handball Planet January 28 2020 Verizon steps into Rings sponsors Team Handball January 20 2020 Lefton Terry January 22 2020 Verizon steps into the Olympic rings sponsors Team Handball New York Business Journal Retrieved January 23 2020 Oestreich James December 9 2001 Philadelphia gets a new concert hall a century aborning The New York Times Archived from the original on August 30 2018 Retrieved August 23 2018 Kruse Nyssa September 30 2019 North Little Rock s Verizon Arena to change name to Simmons Bank Arena this week Arkansas Democrat Gazette Retrieved January 24 2022 Fischenich Marl January 14 2020 Mankato council OKs new civic center name Mankato Free Press Retrieved January 24 2022 Keane Lauren February 2 2016 SNHU Partners with SMG to Provide Opportunities for Students and Connect with the Community SNHU Archived from the original on February 6 2016 Retrieved February 2 2016 Morrison Matt March 24 2016 Curtain to close on Irvine Meadows Amphitheater Los Angeles Times Archived from the original on November 13 2016 Retrieved August 30 2018 Feldt Brian December 17 2014 Verizon Wireless Amphitheater gets new name American City Business Journals Archived from the original on July 23 2015 Retrieved August 30 2018 Levy Abe Tedesco John May 20 2011 Church purchases Verizon amphitheater San Antonio Express News Archived from the original on August 31 2018 Retrieved August 30 2018 Ruggieri Melissa December 28 2018 Alpharetta venue will become Ameris Bank Amphitheatre Atlanta Journal Constitution Retrieved February 19 2019 David Nakamura December 2 2007 Verizon Center Marks 10th Anniversary The Washington Post Archived from the original on February 28 2014 Retrieved April 10 2014 External links edit nbsp Wikimedia Commons has media related to Verizon Official website Bell Operating Companies from Bell System Memorial Business data for Verizon Communications Inc BloombergGoogleReutersSEC filingsYahoo Retrieved from https en wikipedia org w index php title Verizon amp oldid 1222725455, wikipedia, wiki, book, books, library,

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