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Wikipedia

Verizon Communications

January 12, 2023

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

Verizon Communications Inc., commonly known as Verizon, is an American multinational telecommunications conglomerate and a corporate component of the Dow Jones Industrial Average.[9] The company is headquartered at 1095 Avenue of the Americas in Midtown Manhattan, New York City,[3] but is incorporated in Delaware.

Verizon Communications Inc.
Verizon's current logo as of September 1, 2015
Verizon's headquarters in New York City
FormerlyBell Atlantic Corporation (1983–2000)
TypePublic
ISINUS92343V1044
Industry
Predecessors
FoundedOctober 7, 1983; 39 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)
Products
Revenue US$133.61 billion (2021)
US$32.45 billion (2021)
US$22.62 billion (2021)
Total assets US$366.60 billion (2021)
Total equity US$83.20 billion (2021)
Number of employees
118,400 (December 2021)
Divisions
Subsidiaries
Websiteverizon.com
Footnotes / references
[1][2][3][4][5][6][7][8]

The company was formed in 1984 as Bell Atlantic as part of the break up of the Bell System into seven companies, each a Regional Bell Operating Company (RBOC), commonly referred to as "Baby Bells".[10] Headquartered in Philadelphia, it originally had an operating area from New Jersey to 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.[11]

In 2015, Verizon expanded into content ownership by acquiring AOL,[12][13] and two years later, it acquired Yahoo! Inc.[14] AOL and Yahoo were amalgamated into a new division named Oath Inc.,[15] 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 largest wireless carrier in the United States, with 120.9 million subscribers as of the end of Q4 2020.[16]

History

Bell Atlantic (1984–2000)

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.[17][18]

Bell Atlantic's original roster of operating companies included:

In 1996, CEO and Chairman Raymond W. Smith orchestrated Bell Atlantic's merger with NYNEX.[23] When it merged, it moved its corporate headquarters from Philadelphia to New York City.[23] NYNEX was consolidated into the Bell Atlantic name by 1997.[24]

Merger of equals (2000–2002)

 
Verizon's former logo used from May 19, 1998, to September 1, 2015

Bell Atlantic changed its name to Verizon Communications in June 2000, when the Federal Communications Commission approved the US$64.7 billion merger with telephone company GTE, nearly two years after the deal was proposed in July 1998.[25] The approval came with 25 stipulations to preserve competition between local phone carriers, including investing in new markets and broadband technologies.[25] The new entity was headed by co-CEOs Charles Lee, former CEO of GTE, and Bell Atlantic CEO Ivan Seidenberg.[25]

Verizon became the largest local telephone company in the United States, operating 63 million telephone lines in 40 states.[26] The company also inherited 25 million mobile phone customers.[26] Additionally, Verizon offered internet services and long-distance calling in New York, before expanding long-distance operations to other states.[25][27]

The name Verizon derives from the combination of the words veritas, Latin for truth, and horizon.[28] The name was chosen from 8,500 candidates and the company spent $300 million on marketing the new brand.[28][29]

Two months before the 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 on April 4, 2000.[29][30][31] The companies established Verizon Wireless as its own business operated by Bell Atlantic, which owned 55% of the venture.[30] Vodafone retained 45% of the company.[30] The deal was valued at approximately $70 billion and created a mobile carrier with 23 million customers.[29][30] Verizon Wireless merged Bell Atlantic's wireless network, Vodafone's AirTouch and PrimeCo holdings, and the wireless division of GTE.[30][32][33] 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.[29]

During its first operational year, Verizon Wireless released Mobile Web, an Internet service that allowed customers to access partner sites such as E*Trade, ABC News, ESPN, Amazon.com, Ticketmaster, and MSN,[31] as well as the "New Every Two" program, which gave customers a free phone with every two-year service contract[34] (this program was shut down in 2011).[35] In another partnership with MSN in 2002, Verizon Wireless launched the mobile content service VZW with MSN and a phone that utilized the Microsoft Windows operating system.[36]

In August 2000, approximately 85,000 Verizon workers went on an 18-day labor strike after their union contracts expired.[37][38] The strike affected quarterly revenues,[39] resulting in Verizon Wireless' postponement of the company's initial public offering (IPO)[39] (the IPO was ultimately cancelled in 2003 because the company no longer needed to raise revenue for Verizon Wireless due to increased profits),[40] and created a backlog of repairs.[38] This strike did not involve all company employees, as mostly line technicians and user technicians of the company are union.

Verizon launched 3G service in 2002, which doubled the Internet speed of the time to 144kb per second.[41] 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.[27]

2003–2005

In June 2003, Verizon Wireless backed an FCC-issued portability requirement that permitted consumers to take their phone numbers with them across carriers.[42] The company gained 1.5 million new subscribers the following quarter, partially due to the rule change.[43] In April 2004, the Dow Jones Industrial Average added Verizon Communications to its stock market index.[44] Verizon replaced telecom competitor AT&T, which had been a part of the index since the Great Depression.[44]

On December 22, 2004, mail servers at Verizon.net were configured not to 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]

In 2004, Verizon launched its Fios Internet service, which transmits data over fiber optic cables, in Keller, Texas.[46][47] The company launched Fios TV in September 2005, also in Keller. Twenty percent of qualified homes had signed up by the end of 2004.[48] By January 2006, Fios offered over 350 channels in eight states, including 20 high-definition television channels and video on demand.[48]

In 2005, Verizon launched VCast, a multimedia service that allowed people to download apps, music, ringtones, and videos.[49]

MCI acquisition

In 2005, Verizon began negotiations 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 (or $23.50 a share), which MCI accepted on March 29, 2005.[50] The acquisition gave the company access to MCI's million corporate clients and international holdings, expanding Verizon's presence into global markets.[50][51] As a result, Verizon Business was established as a new division to serve the company's business and government customers.[52] The FCC approved the deal on November 5, 2005, valuing it at $8.5 billion.[53] Verizon's 2006 revenues rose by as much as 20% following the purchase.[54]

2006–2010

In May 2006, USA Today reported that Verizon, as well as AT&T and BellSouth, had given the National Security Agency landline phone records following the September 11 attacks.[55][56] 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.[55][56] Protesters staged the National Day of Out(R)age due in part to the controversy.[57] In 2007, Verizon stated that it fulfilled only "lawful demands" for information,[58] but also acknowledged surrendering customer information to government agencies without court orders or warrants 720 times between 2005 and 2007.[59]

In February 2007, Verizon added a new service to V Cast called V Cast Mobile TV, which took advantage of Verizon's multiple cellular technologies (such as EV-DO) allowing people with high-end devices to watch TV on their device.[60]

In March 2007, Verizon won a lawsuit against Vonage for patent infringement. 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.[61] The company was awarded US$58 million in damages and future royalties.[61] Vonage later lost an appeal and was ordered to pay Verizon $120 million.[62]

In May 2007, Verizon acquired Cybertrust, a privately held provider of global information security services.[63]

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.[64]

In November 2007, Verizon opened its networks to third party apps and devices for the first time,[65] a decision that allowed it to participate in the FCC's 2008 700 MHz auction of "open access" spectrum.[65][66] 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.[66][67] Verizon utilized the increased spectrum for its 4G service.[66]

In June 2008, Verizon Wireless purchased 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.[68]

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.[69][70]

On February 4, 2010, 4chan began receiving reports from Verizon Wireless customers that they 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"[71] 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.[72]

In August 2010, the chairmen of Verizon and Google agreed that network neutrality should be defined and limited.[73][74]

In December 2010, Verizon introduced its 4G LTE network in 38 markets, as well as airports in seven additional cities. The company planned on a three-year continuous expansion of the 4G service.[75]

Selling wirelines (2005–2010 & 2015)

Between 2005 and 2010, Verizon divested wireline operations in several states in order to focus on its wireless, Fios internet and Fios TV businesses.[54] It sold 700,000 lines in Hawaii in 2005,[54][76] and spun off lines in Maine, New Hampshire and Vermont in January 2007, which were then purchased by FairPoint Communications for $2.72 billion.[54] Verizon also shed its telephone directory business in 2006.[77]

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.[78][79] In 2016, Verizon sold its wireline operations in Texas, Florida, and California to Frontier.[80]

2011–present

 
Current Verizon logo (since 2015)

On January 27, 2011, Verizon acquired Terremark, an information technology services company, for $1.4 billion.[81] Ivan Seidenberg retired as Verizon's CEO on August 1, 2011, and was succeeded by Lowell McAdam.[82]

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.[83] 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.[84]

In June 2012, Verizon purchased Hughes Telematics, a producer of wireless features for automobiles, for $612 million as part of its strategy to expand into new growth areas in its wireless business.[85] 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.[86] The FCC conducted an investigation[86] 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,[87] although the FCC indicated that Verizon still needed to make additional improvements.[88]

In July 2012, 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 settlement, Verizon made a voluntary payment of $1.25 million to the U.S. Treasury.[89]

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.[90] Verizon began expanding its LTE network utilizing these extra airwaves in October 2013.[91]

In December 2012, Verizon officially shut down V Cast and all of its components.[92] Following this, Verizon introduced Viewdini, a TV and movie streaming app.[93] They also made a deal with the NFL to have an app where people could watch live NFL events.[94] This deal expired in 2017.[95]

On June 5, 2013, 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 NSA with telephone metadata for all calls originating in the U.S.[96][97] Verizon Wireless was not part of the NSA data collection for wireless accounts due to foreign ownership issues.[98]

In September 2013, Verizon purchased the 45% stake in Verizon Wireless, previously owned by Vodafone, for $130 billion.[99] The deal closed on February 21, 2014, and became the third largest corporate deal ever signed, giving Verizon Communications sole ownership of Verizon Wireless.[100]

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.[101][102] 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.[103]

On January 22, 2014, 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.[104] 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."[105]

In late October 2014, Verizon Wireless launched the technology news website SugarString. 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.[106][107]

In August 2015, Verizon launched Hum, a service and device offering vehicle diagnostic and monitoring tools for vehicles.[108] 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.[109] On September 12, 2016, Verizon announced its acquisition of Sensity, a startup for LED sensors, in an effort to bolster its IoT portfolio.[110]

In October 2016, Verizon was accused by Communications Workers of America of deliberately refusing to maintain its copper telephone service. 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".[111][112]

In November 2016, Verizon acquired mapping startup SocialRadar, whose technology would be integrated with MapQuest.[113]

On January 26, 2017, the Washington Post reported that Verizon was in talks to merge with Charter Communications.[114]

In 2017, Verizon partnered with Alley to develop a number of coworking spaces under the name "Alley powered by Verizon".[115][116][117]

On March 13, 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.[118]

On April 27, 2017, Verizon invested $10 million in Renovo Auto, an autonomous vehicle company based in Campbell, California.[119]

Verizon Connect was created in 2018, combining the individual Telematics, Fleetmatics, and Telogis units.[120][121][122]

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."[123]

On January 17, 2019, Verizon announced that it would offer anti-spam and robocalling features free of charge to all customers beginning in March.[124][125]

In April 2019, Verizon began rolling out its 5G mobile network, which was active in 30 cities by the end of the year.[126][127] Unlike other U.S. carriers, Verizon only uses millimeter-wave (mmWave) spectrum for its 5G network.[128] While capable of very high speeds, mmWave has limited range and poor building penetration.[129][130]

On January 14, 2020, Verizon announced the launch of its privacy-focused search engine OneSearch.[131][132]

On May 15, 2020, Verizon acquired videoconferencing service BlueJeans in order to expand its business portfolio offerings, particularly its unified communications offerings. While the price of the acquisition was not announced, it is believed to be in the sub $500 million range.[133] The transaction is expected to close in the second quarter of 2020.[134]

In September 2020, Verizon announced its plans to acquire TracFone Wireless (a business unit of Mexican telecom business America Movil) for $6.25 billion.[135] The deal was approved by the FCC on November 22, 2021 and closed the following day.

In October 2020, Verizon collaborated with Apple to bring 5G connectivity to Apple's iPhone 12 lineup.[citation needed]

Acquisition of AOL and Yahoo

 
Service van with Verizon's former logo and livery

On May 12, 2015, Verizon announced it would acquire AOL at $50 per share, for a deal valued around $4.4 billion.[136][137] The following year, Verizon announced it would acquire the core internet business of Yahoo! for $4.83 billion.[14][138][139] Following the completion of the acquisitions, Verizon created a new division called Oath, which includes the AOL and Yahoo brands.[15] The sale did not include Yahoo's stakes in Alibaba Group and Yahoo! Japan.[140][141]

On March 16, 2017, Verizon announced it would discontinue the e-mail services provided for its internet subscribers and migrate them to AOL Mail.[142]

On May 23, 2017, Verizon CEO Lowell McAdam confirmed the company's plan to launch a streaming TV service.[143] The integrated AOL-Yahoo operation, housed under the newly created Oath division, would be organized around key content-based pillars.[144]

On June 13, 2017, Verizon completed its acquisition of Yahoo for $4.48 billion.[145]

In May 2021, Verizon announced that its media group, including AOL and Yahoo, would be sold to Apollo Global Management for $5 billion,[146] with Verizon retaining a 10% stake in the division.[147]

Finances

For the fiscal year 2019, Verizon reported earnings of US$19.265 billion, with an annual revenue of US$131.868 billion, an increase of 0.77% 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.[148] For more than 20 years, Verizon has been in the top 20 in the Fortune 500 listings of corporations in the United States by total revenue.[149]

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

States

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.[150][151][152]

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
    • 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

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

Can you hear me now?

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?".[153][154][155] The campaign, originally conceived by New York agency Bozell, ran from early 2001 to September 2010.[156][157] 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.[155] In 2011, Marcarelli parted ways with Verizon, and is now a spokesperson for Sprint.[158]

There's a map for that

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.[159] 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.[160] The suit was dropped later that month in conjunction with Verizon dropping a similar suit against AT&T.[159]

That's not cool

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.[161][162]

Powerful Answers

In January 2013, Verizon launched the "Powerful Answers" campaign, designed by agency McGarryBowen.[163] 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.[164][165] Winners of the inaugural competition were announced at the 2014 Consumer Electronics Show.[164] 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.[164]

Inspire Her Mind

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,[166] 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.[167][168]

Flipside Stories (#NeverSettle)

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.[169][170][171]

Better Matters

In 2016, Verizon started using the slogan "Better Matters" in reference to its networks.[172]

Humanability campaign

Verizon launched its Humanability campaign in 2017.[173][174] 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.[173][174]

Corporate governance

Executives

As of 2021:[175][176]

  • Hans Vestberg, chairman and CEO
  • Sowmyanarayan Sampath, executive vice president and group CEO, Verizon Business[177]

Corporate responsibility

The Verizon Foundation is the philanthropic arm of Verizon Communications, which donates about $70 million per year to nonprofit organizations, with a focus on education, domestic violence prevention, and energy management.[178] Verizon's educational initiatives have focused on STEM fields,[179] including: a national competition for students to develop mobile application concepts;[179] the Verizon Innovative Learning Schools program, providing professional development for teachers in underserved areas;[180] and providing students with wireless hardware and services as part of President Obama's ConnectED program.[181] The company also runs HopeLine, which has provided mobile phones to approximately 180,000 victims of domestic violence,[182][183] and a program that offers grants for victims of domestic violence to start or grow home-based businesses.[184] As part of an initiative to reduce the company's carbon intensity metrics by 50 percent by 2020, Verizon announced planned investment in solar panels and natural gas fuel cells at its facilities.[185] The increased capacity would make Verizon the leading solar power producer among U.S. communications companies.[186]

On February 5, 2019, Verizon first entered the green bond market with an issue of $1 billion. The sale was oversubscribed, meaning that investors bids were about $8 billion. Verizon plans to invest money on renewable energy, for instance, by developing solar and wind energy energy-efficient projects involving technology and equipment replacement, and the deployment of 5G wireless technologies, allowing for real-time response for energy demand (smart building management and city systems), green buildings, sustainable water management, and also biodiversity and conservation.[187]

According to Cbonds, the newly issued green bonds have 3.875% coupon rate and will mature on August 5, 2029. Goldman Sachs and Bank of America Merrill Lynch were the bookrunners of the deal.[188]

Criticism

Security concerns

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.[189]

Net neutrality

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.[190]

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 Mbps; 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.[191][192]

Deceptive advertising of 5G

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.[193] 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.[194]

Privacy

Verizon has a one-star privacy rating from the Electronic Frontier Foundation.[195]

Sponsorships and venues

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

In January 2007, Verizon secured exclusive marketing and promotional rights with the National Hockey League.[196] 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.[197]

Motorsports

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.[198] In March 2014 Verizon became title sponsor of the series through 2018.[199]

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

National Football League

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.[201] 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.[202]

USA Team Handball

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.[203]

In 2020 USA Team Handball CEO Barry Siff that they are planning to create an American professional team handball league sponsored by Verizon.[204] 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.[205] To create multisports clubs like FC Barcelona or Paris Saint-Germain.[206]

Venues

The main home concert hall of the Philadelphia Orchestra at the Kimmel Center for the Performing Arts is named Verizon Hall.[207]

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,[208] the Mayo Clinic Health System Event Center (formerly Verizon Center) in Mankato, Minnesota,[209] 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.[210] 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,[211] Maryland Heights, Missouri,[212] Selma, Texas,[213] and Alpharetta, Georgia.[214]

Verizon is a former sponsor of the Capital One Arena in Washington, DC.[215]

See also

References

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January 12, 2023
verizon, communications, verizon, redirects, here, mobile, network, verizon, mobile, network, fiber, optic, residential, service, verizon, fios, confused, with, vierzon, commonly, known, verizon, american, multinational, telecommunications, conglomerate, corpo. Verizon redirects here For its mobile network see Verizon mobile network For its fiber optic residential service see Verizon Fios Not to be confused with Vierzon Verizon Communications Inc commonly known as Verizon is an American multinational telecommunications conglomerate and a corporate component of the Dow Jones Industrial Average 9 The company is headquartered at 1095 Avenue of the Americas in Midtown Manhattan New York City 3 but is incorporated in Delaware Verizon Communications Inc Verizon s current logo as of September 1 2015Verizon s headquarters in New York CityFormerlyBell Atlantic Corporation 1983 2000 TypePublicTraded asNYSE VZDJIA componentS amp P 100 componentS amp P 500 componentISINUS92343V1044IndustryTelecommunications Mass mediaPredecessorsAT amp T CorporationBell AtlanticNYNEXGTEFoundedOctober 7 1983 39 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 CEO ProductsCable television Landline Mobile phone Broadband Digital television IPTV Digital Media Internet TelematicsRevenueUS 133 61 billion 2021 Operating incomeUS 32 45 billion 2021 Net incomeUS 22 62 billion 2021 Total assetsUS 366 60 billion 2021 Total equityUS 83 20 billion 2021 Number of employees118 400 December 2021 DivisionsVerizon Consumer Verizon BusinessSubsidiariesBlueJeans TracFone Wireless Skyward Visible Yahoo 10 Websiteverizon comFootnotes references 1 2 3 4 5 6 7 8 The company was formed in 1984 as Bell Atlantic as part of the break up of the Bell System into seven companies each a Regional Bell Operating Company RBOC commonly referred to as Baby Bells 10 Headquartered in Philadelphia it originally had an operating area from New Jersey to 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 11 In 2015 Verizon expanded into content ownership by acquiring AOL 12 13 and two years later it acquired Yahoo Inc 14 AOL and Yahoo were amalgamated into a new division named Oath Inc 15 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 largest wireless carrier in the United States with 120 9 million subscribers as of the end of Q4 2020 16 Contents 1 History 1 1 Bell Atlantic 1984 2000 1 2 Merger of equals 2000 2002 1 3 2003 2005 1 4 MCI acquisition 1 5 2006 2010 1 6 Selling wirelines 2005 2010 amp 2015 1 7 2011 present 1 7 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 1984 2000 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 17 18 Bell Atlantic s original roster of operating companies included The Bell Telephone Company of Pennsylvania 19 New Jersey Bell 20 Diamond State Telephone 21 C amp P Telephone 21 itself comprising four subsidiaries 22 In 1996 CEO and Chairman Raymond W Smith orchestrated Bell Atlantic s merger with NYNEX 23 When it merged it moved its corporate headquarters from Philadelphia to New York City 23 NYNEX was consolidated into the Bell Atlantic name by 1997 24 Merger of equals 2000 2002 Edit Verizon s former logo used from May 19 1998 to September 1 2015 Bell Atlantic changed its name to Verizon Communications in June 2000 when the Federal Communications Commission approved the US 64 7 billion merger with telephone company GTE nearly two years after the deal was proposed in July 1998 25 The approval came with 25 stipulations to preserve competition between local phone carriers including investing in new markets and broadband technologies 25 The new entity was headed by co CEOs Charles Lee former CEO of GTE and Bell Atlantic CEO Ivan Seidenberg 25 Verizon became the largest local telephone company in the United States operating 63 million telephone lines in 40 states 26 The company also inherited 25 million mobile phone customers 26 Additionally Verizon offered internet services and long distance calling in New York before expanding long distance operations to other states 25 27 The name Verizon derives from the combination of the words veritas Latin for truth and horizon 28 The name was chosen from 8 500 candidates and the company spent 300 million on marketing the new brand 28 29 Two months before the 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 on April 4 2000 29 30 31 The companies established Verizon Wireless as its own business operated by Bell Atlantic which owned 55 of the venture 30 Vodafone retained 45 of the company 30 The deal was valued at approximately 70 billion and created a mobile carrier with 23 million customers 29 30 Verizon Wireless merged Bell Atlantic s wireless network Vodafone s AirTouch and PrimeCo holdings and the wireless division of GTE 30 32 33 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 29 During its first operational year Verizon Wireless released Mobile Web an Internet service that allowed customers to access partner sites such as E Trade ABC News ESPN Amazon com Ticketmaster and MSN 31 as well as the New Every Two program which gave customers a free phone with every two year service contract 34 this program was shut down in 2011 35 In another partnership with MSN in 2002 Verizon Wireless launched the mobile content service VZW with MSN and a phone that utilized the Microsoft Windows operating system 36 In August 2000 approximately 85 000 Verizon workers went on an 18 day labor strike after their union contracts expired 37 38 The strike affected quarterly revenues 39 resulting in Verizon Wireless postponement of the company s initial public offering IPO 39 the IPO was ultimately cancelled in 2003 because the company no longer needed to raise revenue for Verizon Wireless due to increased profits 40 and created a backlog of repairs 38 This strike did not involve all company employees as mostly line technicians and user technicians of the company are union Verizon launched 3G service in 2002 which doubled the Internet speed of the time to 144kb per second 41 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 27 2003 2005 Edit In June 2003 Verizon Wireless backed an FCC issued portability requirement that permitted consumers to take their phone numbers with them across carriers 42 The company gained 1 5 million new subscribers the following quarter partially due to the rule change 43 In April 2004 the Dow Jones Industrial Average added Verizon Communications to its stock market index 44 Verizon replaced telecom competitor AT amp T which had been a part of the index since the Great Depression 44 On December 22 2004 mail servers at Verizon net were configured not to 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 In 2004 Verizon launched its Fios Internet service which transmits data over fiber optic cables in Keller Texas 46 47 The company launched Fios TV in September 2005 also in Keller Twenty percent of qualified homes had signed up by the end of 2004 48 By January 2006 Fios offered over 350 channels in eight states including 20 high definition television channels and video on demand 48 In 2005 Verizon launched VCast a multimedia service that allowed people to download apps music ringtones and videos 49 MCI acquisition Edit In 2005 Verizon began negotiations 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 or 23 50 a share which MCI accepted on March 29 2005 50 The acquisition gave the company access to MCI s million corporate clients and international holdings expanding Verizon s presence into global markets 50 51 As a result Verizon Business was established as a new division to serve the company s business and government customers 52 The FCC approved the deal on November 5 2005 valuing it at 8 5 billion 53 Verizon s 2006 revenues rose by as much as 20 following the purchase 54 2006 2010 Edit In May 2006 USA Today reported that Verizon as well as AT amp T and BellSouth had given the National Security Agency landline phone records following the September 11 attacks 55 56 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 55 56 Protesters staged the National Day of Out R age due in part to the controversy 57 In 2007 Verizon stated that it fulfilled only lawful demands for information 58 but also acknowledged surrendering customer information to government agencies without court orders or warrants 720 times between 2005 and 2007 59 In February 2007 Verizon added a new service to V Cast called V Cast Mobile TV which took advantage of Verizon s multiple cellular technologies such as EV DO allowing people with high end devices to watch TV on their device 60 In March 2007 Verizon won a lawsuit against Vonage for patent infringement 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 61 The company was awarded US 58 million in damages and future royalties 61 Vonage later lost an appeal and was ordered to pay Verizon 120 million 62 In May 2007 Verizon acquired Cybertrust a privately held provider of global information security services 63 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 64 In November 2007 Verizon opened its networks to third party apps and devices for the first time 65 a decision that allowed it to participate in the FCC s 2008 700 MHz auction of open access spectrum 65 66 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 66 67 Verizon utilized the increased spectrum for its 4G service 66 In June 2008 Verizon Wireless purchased 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 68 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 69 70 On February 4 2010 4chan began receiving reports from Verizon Wireless customers that they 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 71 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 72 In August 2010 the chairmen of Verizon and Google agreed that network neutrality should be defined and limited 73 74 In December 2010 Verizon introduced its 4G LTE network in 38 markets as well as airports in seven additional cities The company planned on a three year continuous expansion of the 4G service 75 Selling wirelines 2005 2010 amp 2015 Edit Between 2005 and 2010 Verizon divested wireline operations in several states in order to focus on its wireless Fios internet and Fios TV businesses 54 It sold 700 000 lines in Hawaii in 2005 54 76 and spun off lines in Maine New Hampshire and Vermont in January 2007 which were then purchased by FairPoint Communications for 2 72 billion 54 Verizon also shed its telephone directory business in 2006 77 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 78 79 In 2016 Verizon sold its wireline operations in Texas Florida and California to Frontier 80 2011 present Edit Current Verizon logo since 2015 On January 27 2011 Verizon acquired Terremark an information technology services company for 1 4 billion 81 Ivan Seidenberg retired as Verizon s CEO on August 1 2011 and was succeeded by Lowell McAdam 82 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 83 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 84 In June 2012 Verizon purchased Hughes Telematics a producer of wireless features for automobiles for 612 million as part of its strategy to expand into new growth areas in its wireless business 85 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 86 The FCC conducted an investigation 86 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 87 although the FCC indicated that Verizon still needed to make additional improvements 88 In July 2012 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 settlement Verizon made a voluntary payment of 1 25 million to the U S Treasury 89 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 90 Verizon began expanding its LTE network utilizing these extra airwaves in October 2013 91 In December 2012 Verizon officially shut down V Cast and all of its components 92 Following this Verizon introduced Viewdini a TV and movie streaming app 93 They also made a deal with the NFL to have an app where people could watch live NFL events 94 This deal expired in 2017 95 On June 5 2013 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 NSA with telephone metadata for all calls originating in the U S 96 97 Verizon Wireless was not part of the NSA data collection for wireless accounts due to foreign ownership issues 98 In September 2013 Verizon purchased the 45 stake in Verizon Wireless previously owned by Vodafone for 130 billion 99 The deal closed on February 21 2014 and became the third largest corporate deal ever signed giving Verizon Communications sole ownership of Verizon Wireless 100 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 101 102 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 103 On January 22 2014 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 104 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 105 In late October 2014 Verizon Wireless launched the technology news website SugarString 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 106 107 In August 2015 Verizon launched Hum a service and device offering vehicle diagnostic and monitoring tools for vehicles 108 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 109 On September 12 2016 Verizon announced its acquisition of Sensity a startup for LED sensors in an effort to bolster its IoT portfolio 110 In October 2016 Verizon was accused by Communications Workers of America of deliberately refusing to maintain its copper telephone service 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 111 112 In November 2016 Verizon acquired mapping startup SocialRadar whose technology would be integrated with MapQuest 113 On January 26 2017 the Washington Post reported that Verizon was in talks to merge with Charter Communications 114 In 2017 Verizon partnered with Alley to develop a number of coworking spaces under the name Alley powered by Verizon 115 116 117 On March 13 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 118 On April 27 2017 Verizon invested 10 million in Renovo Auto an autonomous vehicle company based in Campbell California 119 Verizon Connect was created in 2018 combining the individual Telematics Fleetmatics and Telogis units 120 121 122 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 123 On January 17 2019 Verizon announced that it would offer anti spam and robocalling features free of charge to all customers beginning in March 124 125 In April 2019 Verizon began rolling out its 5G mobile network which was active in 30 cities by the end of the year 126 127 Unlike other U S carriers Verizon only uses millimeter wave mmWave spectrum for its 5G network 128 While capable of very high speeds mmWave has limited range and poor building penetration 129 130 On January 14 2020 Verizon announced the launch of its privacy focused search engine OneSearch 131 132 On May 15 2020 Verizon acquired videoconferencing service BlueJeans in order to expand its business portfolio offerings particularly its unified communications offerings While the price of the acquisition was not announced it is believed to be in the sub 500 million range 133 The transaction is expected to close in the second quarter of 2020 134 In September 2020 Verizon announced its plans to acquire TracFone Wireless a business unit of Mexican telecom business America Movil for 6 25 billion 135 The deal was approved by the FCC on November 22 2021 and closed the following day In October 2020 Verizon collaborated with Apple to bring 5G connectivity to Apple s iPhone 12 lineup citation needed Acquisition of AOL and Yahoo Edit Service van with Verizon s former logo and livery On May 12 2015 Verizon announced it would acquire AOL at 50 per share for a deal valued around 4 4 billion 136 137 The following year Verizon announced it would acquire the core internet business of Yahoo for 4 83 billion 14 138 139 Following the completion of the acquisitions Verizon created a new division called Oath which includes the AOL and Yahoo brands 15 The sale did not include Yahoo s stakes in Alibaba Group and Yahoo Japan 140 141 On March 16 2017 Verizon announced it would discontinue the e mail services provided for its internet subscribers and migrate them to AOL Mail 142 On May 23 2017 Verizon CEO Lowell McAdam confirmed the company s plan to launch a streaming TV service 143 The integrated AOL Yahoo operation housed under the newly created Oath division would be organized around key content based pillars 144 On June 13 2017 Verizon completed its acquisition of Yahoo for 4 48 billion 145 In May 2021 Verizon announced that its media group including AOL and Yahoo would be sold to Apollo Global Management for 5 billion 146 with Verizon retaining a 10 stake in the division 147 Finances EditFor the fiscal year 2019 Verizon reported earnings of US 19 265 billion with an annual revenue of US 131 868 billion an increase of 0 77 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 148 For more than 20 years Verizon has been in the top 20 in the Fortune 500 listings of corporations in the United States by total revenue 149 Year Revenuein mil US Net incomein mil US Total Assetsin mil US Price per Sharein US Employees2005 69 518 7 397 168 130 33 852006 88 182 6 197 188 804 34 052007 93 469 5 521 186 959 41 222008 97 354 2 193 202 352 34 902009 107 808 4 894 226 907 30 462010 106 565 2 549 220 005 30 412011 110 875 2 404 230 461 36 642012 115 846 875 225 222 42 002013 120 550 11 497 274 098 48 66 176 8002014 127 079 9 625 232 616 48 61 177 3002015 131 620 17 879 244 175 47 17 177 7002016 125 980 13 127 244 180 51 40 160 9002017 126 034 30 101 257 143 48 24 155 4002018 130 863 15 528 264 829 52 08 144 5002019 131 868 19 265 291 727 58 06 135 0002020 128 292 18 348 316 481 58 75 132 200States 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 150 151 152 Key markets includeDelaware Maryland Baltimore MD Salisbury MD Massachusetts Eastern Boston MA New Jersey New York Albany NY Auburn NY Binghamton NY Buffalo 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 153 154 155 The campaign originally conceived by New York agency Bozell ran from early 2001 to September 2010 156 157 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 155 In 2011 Marcarelli parted ways with Verizon and is now a spokesperson for Sprint 158 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 159 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 160 The suit was dropped later that month in conjunction with Verizon dropping a similar suit against AT amp T 159 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 161 162 Powerful Answers Edit In January 2013 Verizon launched the Powerful Answers campaign designed by agency McGarryBowen 163 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 164 165 Winners of the inaugural competition were announced at the 2014 Consumer Electronics Show 164 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 164 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 166 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 167 168 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 169 170 171 Better Matters Edit In 2016 Verizon started using the slogan Better Matters in reference to its networks 172 Humanability campaign Edit Verizon launched its Humanability campaign in 2017 173 174 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 173 174 Corporate governance EditExecutives Edit As of 2021 175 176 Hans Vestberg chairman and CEO Sowmyanarayan Sampath executive vice president and group CEO Verizon Business 177 Corporate responsibility EditThe Verizon Foundation is the philanthropic arm of Verizon Communications which donates about 70 million per year to nonprofit organizations with a focus on education domestic violence prevention and energy management 178 Verizon s educational initiatives have focused on STEM fields 179 including a national competition for students to develop mobile application concepts 179 the Verizon Innovative Learning Schools program providing professional development for teachers in underserved areas 180 and providing students with wireless hardware and services as part of President Obama s ConnectED program 181 The company also runs HopeLine which has provided mobile phones to approximately 180 000 victims of domestic violence 182 183 and a program that offers grants for victims of domestic violence to start or grow home based businesses 184 As part of an initiative to reduce the company s carbon intensity metrics by 50 percent by 2020 Verizon announced planned investment in solar panels and natural gas fuel cells at its facilities 185 The increased capacity would make Verizon the leading solar power producer among U S communications companies 186 On February 5 2019 Verizon first entered the green bond market with an issue of 1 billion The sale was oversubscribed meaning that investors bids were about 8 billion Verizon plans to invest money on renewable energy for instance by developing solar and wind energy energy efficient projects involving technology and equipment replacement and the deployment of 5G wireless technologies allowing for real time response for energy demand smart building management and city systems green buildings sustainable water management and also biodiversity and conservation 187 According to Cbonds the newly issued green bonds have 3 875 coupon rate and will mature on August 5 2029 Goldman Sachs and Bank of America Merrill Lynch were the bookrunners of the deal 188 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 189 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 190 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 Mbps 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 191 192 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 193 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 194 Privacy Edit Verizon has a one star privacy rating from the Electronic Frontier Foundation 195 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 196 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 197 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 198 In March 2014 Verizon became title sponsor of the series through 2018 199 Verizon also sponsored a race in the 2021 NASCAR Cup Series season the Verizon 200 at the Brickyard at Indianapolis Motor Speedway 200 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 201 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 202 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 203 In 2020 USA Team Handball CEO Barry Siff that they are planning to create an American professional team handball league sponsored by Verizon 204 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 205 To create multisports clubs like FC Barcelona or Paris Saint Germain 206 Venues Edit The main home concert hall of the Philadelphia Orchestra at the Kimmel Center for the Performing Arts is named Verizon Hall 207 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 208 the Mayo Clinic Health System Event Center formerly Verizon Center in Mankato Minnesota 209 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 210 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 211 Maryland Heights Missouri 212 Selma Texas 213 and Alpharetta Georgia 214 Verizon is a former sponsor of the Capital One Arena in Washington DC 215 See also EditVerizon strike of 2000 Verizon strike of 2016 List of United States telephone companiesReferences Edit Verizon Fact Sheet PDF Retrieved July 26 2020 CBS MarketWatch profile Verizon Communications Inc Marketwatch com Archived from the original on October 31 2011 Retrieved June 13 2013 a b McGeehan Patrick June 29 2014 Verizon to Return to Its Former Midtown Tower but on a Smaller Scale The New York Times ISSN 0362 4331 Archived from the original on May 2 2019 Retrieved February 27 2019 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July 11 2019 Retrieved July 10 2019 Munce Megan September 5 2022 Verizon Business CEO Sowmyanarayan Sampath talks the state of 5G in Houston and how businesses can take advantage of it Houston Chronicle Retrieved October 6 2022 Erin Killian February 25 2008 Verizon Foundation to give 1M to literacy program Washington Business Journal Retrieved September 22 2014 a b Verizon Foundation Launches Education Initiative to Strengthen Student Learning in Science Technology Engineering and Math through Mobile Technology Journal of Technology October 30 2012 Archived from the original on March 29 2015 Retrieved September 22 2014 After Achieving Early Success Innovative Program That Helps Teachers Use Mobile Technology to Improve Student Learning Expands to 12 More Schools Journal of Engineering July 10 2013 Archived from the original on March 29 2015 Retrieved September 26 2014 Kristal Lauren High May 3 2014 Verizon Foundation Incubating New Social Solutions amp Getting Kids ConnectEd Politic365 Archived from the original on June 26 2014 Retrieved September 23 2014 Alisa Reznick April 19 2013 Donate your old phone support domestic violence aid with Verizon s HopeLine GeekWire Archived from the original on November 20 2014 Retrieved September 22 2014 Katie Delong October 7 2014 Verizon presents grant to End Domestic Abuse WI Packers collecting no longer used wireless phones FOX 6Now Archived from the original on October 9 2014 Retrieved October 10 2014 Verizon Launches Entrepreneurship Training Program to Help Domestic Violence Survivors Become Small Business Owners Education Letter March 14 2012 Archived from the original on March 29 2015 Retrieved September 22 2014 Katie Fehrenbacher April 30 2013 Verizon to spend 100M on solar panels fuel cells for facilities GigaOm Archived from the original on August 28 2014 Retrieved October 1 2014 Lucas Mearian August 26 2014 Verizon to become solar power leader in the U S telecom industry Computer World Archived from the original on November 3 2014 Retrieved October 5 2014 New bond issue Verizon Communications issued inagural sic green bonds US92343VES97 with a 3 875 coupon for USD 1 000 0m maturing in 2029 www cbonds com Archived from the original on February 9 2019 Retrieved February 7 2019 International bonds Verizon Communications 3 875 8feb2029 USD www cbonds com Archived from the original on February 9 2019 Retrieved February 7 2019 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 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 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 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 Communications amp oldid 1131737216, wikipedia, wiki, book, books, library,

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