Verizon is realigning its top management team by reassigning its Verizon Wireless chief Dan Mead to a new role as executive vice president and president of Strategic Initiatives with a focus on overseeing the sale of its wireline properties in California, Florida and Texas to Frontier Communications.
Verizon finally made it public that is selling its wireline assets in three states to Frontier for $10.5 billion, but besides getting more cash to fund its wireless operations, its decision was also influenced by the FCC's move to reclassify wireline broadband providers under Title II of the 1996 Telecom Act.
Verizon is nearing the completion of deals to sell off various assets, including wireless towers and elements of its wireline business that could fetch the company $10 billion, reports The Wall Street Journal, citing people close to the matter.
Verizon reported that strong consumer services and FiOS revenues helped the telco ease the pain of an overall decline in wireline revenues during the fourth quarter.
Verizon CEO and Chairman Lowell McAdam says that a potential sale of some of its wireline assets could provide the company with various operational and process benefits.
Verizon Communications has tapped marketing guru Diego Scotti for its newly created chief marketing officer (CMO) role.
Verizon CEO Lowell McAdam told investors on Thursday during the Goldman Sachs Communicopia conference in New York that it plans to enter the burgeoning online video services race.
Verizon Communications is holding fast to its thesis that while it is on track to complete the buildout of FiOS to about 21 million premises, it will need a compelling reason to expand into new markets.
Verizon may still be one of the largest telco TV players, but the telco is seeing that in the markets where it offers its FiOS services, wireline broadband is becoming the dominant product.
Verizon Communications' enterprise business continues to weather a challenging economic time, but according to CEO Lowell McAdam, cloud, machine to machine and security represent large opportunities for the telco.