Heskitt, Ben, “Nortel Nabs $500 Million Deal with Verizon,” CNET News.com, posted April 12, 2000, http://www.cnet.com.
Heskitt, Ben, "Nortel Nabs $500 Million Deal with Verizon," CNET News.com, April 12, 2000.
On April 3, 2000, the company announced that its new moniker resulting from their prominent union would be Verizon.
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 in April 2000.
Ryan, Vincent, “Download: Only the Beginning,” Telephony, June 26, 2000.
Verizon Communications Inc., formed in June 2000 with the merger of Bell Atlantic and GTE, is a leading provider of communications services.
Ryan, Vincent, "Download: Only the Beginning," Telephony, June 26, 2000.
On June 30, 2000, the Bell Atlantic and GTE merger became complete and Verizon Communications Inc. was officially in business, trading on the New York Stock Exchange under the new symbol, VZ. Of all the Baby Bells of history, all that remained of the Bell names by 2000 was Bell South.
Verizon Communications, Inc. is an American holding company headquartered in New York City, New York, and formed on June 30, 2000, with the merger of Bell Atlantic Corp. and GTE Corp.
Verizon Communications Inc. was formed on June 30, 2000 and is celebrating its 20th year as one of the world’s leading providers of technology, communications, information and entertainment products and services.
By July 2000, the merger had been approved by the FCC and Verizon was on its way to establishing a complete communications business.
Greene, Tim, “Those Baby Bells Are Growing up Fast,” Network World Fusion, November 20, 2000.
Greene, Tim, "Those Baby Bells Are Growing up Fast," Network World Fusion, November 20, 2000.
Public CompanyIncorporated: 2000Employees: 261,153Sales: $64.7 billion (2000)Stock Exchanges: New YorkTicker Symbol: VZNAIC: 513310 Wired Telecommunications Carriers; 513322 Cellular and Other Wireless Telecommunications
Formed by a 2000 merger of Bell Atlantic and GTE Corp., Verizon is one of the ten largest private United States employers with some 247,000 workers.
The leader in local phone service due to years of innovation in the telecom industry, Verizon began offering long-distance service in 2000 to better compete in the overall telecom landscape.
The company began such service in New York in 2000 and the following year in Massachusetts, Connecticut, and Pennsylvania.
Capitalizing on the first letter of its name, the "V" became the peace sign flashed by numerous people in the Verizon Wireless ads of early 2000.
Bell Atlantic merged with GTE in 2000 and this brand covers the telecommunications all over the world.
According to Forbes, it is considered one of the World’s Most Valuable Brands and one of the top 2000 largest public companies in the world.
Grice, Corey, “Digital Darwinism,” CNETNews.com, posted February 1, 2001, http://www.cnet.com.
Stone, Martin, “NorthPoint’s $ IB Suit against Verizon Proceeds,” The Washington Post, February 16, 2001.
Waters, Richard, “Verizon Plans $lbn Expansion,” Financial Times FT.com , posted February 6, 2001, http://news.ft.com/home/us/.
Grice, Corey, "Digital Darwinism," CNET News.com, February 1, 2001.
Stone, Martin, "NorthPoint's $1B Suit against Verizon Proceeds," Washington Post, February 16, 2001.
Waters, Richard, "Verizon Plans $1bn Expansion," Financial Times FT.com, February 6, 2001.
In March 2001, Verizon Wireless joined forces with Lucent Technologies in a $5 billion deal to offer the next generation of high-speed Internet services and wireless technology.
King, Carol, “Lucent, Verizon Bet $5 Billion on 3G,” InternetNews, March 19, 2001.
“Lucent, Verizon in Major Wireless Deal,” Reuters, March 19, 2001.
“Verizon, Lucent Enter 3-Year, $5B Partnership,” Capital Distict Business Review, March 19, 2001.
King, Carol, "Lucent, Verizon Bet $5 Billion on 3G," InternetNews, March 19, 2001.
"Lucent, Verizon in Major Wireless Deal," Reuters, March 19, 2001.
"Verizon, Lucent Enter 3-Year, $5B Partnership," Capital Distict Business Review, March 19, 2001.
Net income, reported at $389 million, declined significantly for the company in 2001, down 96.7 percent from the previous year, due in part to the losses from circumstances associated with the events of September 11, 2001.
In addition, profits for the year fell below expectations, and the initial forecast for 2001 was reduced a third.
The $800 million deal was to commence at the start of 2001 but Verizon discontinued it at the last minute, citing NorthPoint’s weakening financial position.
Verizon’s visions for 2001 focused on international expansion.
The $800 million deal was to commence at the start of 2001, but Verizon discontinued it at the last minute, citing NorthPoint's weakening financial position.
Verizon's visions for 2001 focused on international expansion.
Domestic Telecom sales accounted for 65 percent of total revenues at $43.1 billion; Domestic Wireless accounted for 26 percent at $17.4 billion; International, with 4 percent, brought in $2.3 billion; and Information Services, with 6 percent, sold $4.3 billion in 2001.
With profits dwindling in 2001 due to economic factors, the company also noted a significant decrease in local communications services, a large part of their business, since more consumers were giving up second phone lines for Internet connections in favor of high-speed lines and wireless access.
As unprecedented innovators, Verizon made sure they remained so, increasing their DSL lines by 88 percent for the year 2001, totaling 1.35 million lines.
The wireless segment of the company continued its growth trend, combining business operations with Price Communications Wireless in late 2001.
With the formation of the business unit Global Solutions Inc., Verizon began an initiative in early 2001 to expand its presence in the carrier and large business markets worldwide.
With about 10 million access lines and wireless service to approximately 39 million customers, the International segment accounted for $2.3 billion in revenues in 2001 and experienced 18.3 percent growth over the previous year.
Morgan Stanley reported in April 2002 that some of the company's strengths were its market leadership, strong balance sheet, and the most desirable combination of value, competitive position, and safety in the telecommunications group.
In August 2002, Verizon began offering local, long-distance, and mobile calling, as well as Internet service, in a bundle.
NorthPoint accepted Verizon's $175 million settlement offer in 2002.
WorldCom declared bankruptcy in 2002 during a highly publicized accounting scandal.
Ranking as the country's fourth largest long-distance company, Verizon had 8.2 million long distance customers in early 2002.
More than two-thirds of all Verizon access lines offered long-distance service by early 2002.
In early 2002 Verizon began offering bill payment services for its telephone customers, as well as purchases of long-distance minutes through a link to Verizon's customer Web site on 7-Eleven Stores Inc.'s Vcoms—Web-based multifunction automated teller machines.
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.
Verizon launched 3G service in 2002, which doubled the Internet speeds of the time to 144kb a second.
In June 2003, Verizon Wireless backed an FCC-issued portability requirement that permitted consumers to take their phone numbers with them across carriers.
The strike affected quarterly revenues, resulting in Verizon Wireless' postponement of the company's IPO (the IPO was ultimately cancelled in 2003, because the company no longer needed to raise revenue for Verizon Wireless due to increased profits), and created a backlog of repairs.
The following year, in April 2004, the Dow Jones Industrial Average added Verizon Communications to its stock market index.
Creswell, Julie, "Ivan Seidenberg, CEO of Verizon, Vows to Overpower the Cable Guys by Plowing Billions Into a '90s-Style Broadband Buildout," Fortune, May 31, 2004.
By early 2004, Verizon was well positioned at the top of the telecommunications heap.
According to a 2004 Fortune article, cable companies had collectively spent $75 billion in recent years to upgrade their systems to offer customers voice, high-speed Internet, and cable.
In the Wireline segment, Verizon launched an initiative in 2004 to bring to the customers the new broadband services called Fios, which involves fiber-optic-based Internet and video services.
In 2004, Verizon launched its Fios Internet service, which transmits data over fiber optic cables, in Keller, Texas.
The company launched Fios TV in September 2005, also in Keller, Texas.
The FCC approved the deal on November 5, 2005, valuing it at $8.5 billion.
SBC Communications teamed up with AT&T Corporation in 2005 to create the largest telecommunications company in United States.
This in turn increased the revenue by almost 20 percent. It sold almost 7 million lines in Hawaii alone in 2005.
By January 2006, Fios offered over 350 channels in eight states, including 20 high-definition television channels as well as video on demand.
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.
The FCC approved the deal in October and Verizon completed the purchase in January 2006.
Then in early 2006, AT&T set plans in motion to acquire BellSouth Corporation in a $67 billion deal.
Seidenberg was quoted in a 2006 Wall Street Journal article claiming, "Our strategy is to be a customer-focused leader in consumer broadband and video, as well as business and government services, in both the landline and wireless environments.
Verizon's 2006 revenues rose by as much as 20% following the purchase.
Verizon also shed its telephone directory business in 2006.
Verizon won a lawsuit against Vonage in March 2007 for patent infringement.
In May 2007, Verizon acquired Cybertrust, a privately held provider of global information security services.
Verizon Wireless reversed a controversial decision in September 2007 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.
Verizon Wireless purchased wireless carrier Alltel for $28.1 billion in June 2008.
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.
On February 7, 2010, Verizon Wireless confirmed that 4chan.org was "explicitly blocked" after Verizon's security and external experts detected sweep attacks coming from an IP address associated with the 4chan network.
On February 4, 2010, 4chan started receiving reports from Verizon Wireless customers that they were having difficulties accessing the site's image boards.
In October 2010, Verizon Wireless paid $77.8 million in refunds and FCC penalties for overcharging 15 million customers for data services.
Verizon introduced its 4G LTE network in 38 markets in December 2010, as well as in airports in seven additional cities.
On January 27, 2011, Verizon acquired Terremark, an information technology services company for $1.4 billion.
Ivan Seidenberg retired as Verizon's CEO on August 1, 2011.
Verizon acquired an IT services company, Terremark, in 2011.
In June 2012, as part of its strategy to expand into new growth areas in its wireless business, Verizon purchased Hughes Telematics—a company that produces wireless features for automobiles—for $612 million.
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.
In order to make more growth in wireless networks, Verizon purchased Hughes Telematics, a company producing wireless features for automobiles in the year 2012.
The FCC conducted an investigation and in January 2013 released a report detailing the problems that led to the failure.
In September 2013, Verizon purchased the 45% stake in Verizon Wireless owned by Vodafone for $130 billion.
Verizon began expanding its LTE network utilizing these extra airwaves in October 2013.
In the year 2013, Verizon launched a partner program called Verizon Partner Program.
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.
The deal closed on February 21, 2014, becoming the third largest corporate deal ever signed, giving Verizon Communications sole ownership of Verizon Wireless.
In late October 2014, Verizon Wireless launched SugarString, a technology news website.
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."
On May 12, 2015, Verizon announced they would acquire AOL at $50 per share, for a deal valued around $4.4 billion.
In August 2015, Verizon launched Hum, a service and device offering vehicle diagnostic and monitoring tools for vehicles.
In the Wireless segment, Verizon operates America’s most reliable wireless network, with more than 112 million retail connections worldwide and from 2015 Verizon announced its commitment to develop and deploy 5G wireless technology.
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.
On September 12, 2016, Verizon announced its acquisition of Sensity, a startup for LED sensors, in an effort to bolster its IoT portfolio.
In October 2016, Verizon was accused by Communications Workers of America of deliberately refusing to maintain its copper telephone service.
In November 2016, Verizon acquired mapping startup SocialRadar; its technology will be integrated with MapQuest.
In 2016, Verizon sold its wireline operations in Texas, Florida, and California to Frontier.
On March 16, 2017, Verizon announced that it would discontinue the e-mail services provided for its internet subscribers, and migrate them to AOL Mail.
On April 27, 2017, Verizon invested $10 million in Renovo Auto, a Campbell, California-based autonomous vehicle company.
On May 23, 2017, Verizon CEO Lowell McAdam confirmed the company's plan to launch a streaming TV service.
On June 13, 2017, Verizon completed its acquisition of Yahoo for $4.48 billion.
In 2017, Verizon partnered with Alley to develop a number of coworking spaces under the name "Alley powered by Verizon".
On December 10, 2018, Verizon announced that 10,400 managers had agreed to leave the company as part of a "voluntary separation program" that was offered to 44,000 employees, resulting in a cut to around 7% of its workforce.
Verizon Connect was created in 2018, combining the individual units Telematics, Fleetmatics, and Telogis.
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."
On Jan 17, 2019, Verizon announced that it would offer anti-spam and robocalling features free of charge to all its customers from March.
Verizon began rolling out its 5G mobile network in April 2019 and by year's end, it was active in 30 cities.
On May 15, 2020 Verizon communications acquired videoconferencing service BlueJeans to expand its Business portfolio offerings, particularly its unified communications offerings.
Headquartered in New York City and with a presence around the world, Verizon generated revenues of $128.3 billion in 2020.
$1.27diluted earningsreported per share$9.7Bnet cashprovided by operating activities$0.6275quarterly dividendsper share128.3B revenue generatedin 2020
$128.3Bannual revenues in 2020
128.3B revenue generatedin 2020
"Verizon Communications ." International Directory of Company Histories. . Encyclopedia.com. (April 15, 2021). https://www.encyclopedia.com/books/politics-and-business-magazines/verizon-communications
"Verizon Communications ." International Directory of Company Histories. . Retrieved April 15, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/verizon-communications
DeVault, Kerri "Verizon Communications Inc. ." International Directory of Company Histories. . Encyclopedia.com. (April 15, 2021). https://www.encyclopedia.com/books/politics-and-business-magazines/verizon-communications-inc
DeVault, Kerri "Verizon Communications Inc. ." International Directory of Company Histories. . Retrieved April 15, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/verizon-communications-inc
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