![]() Īpproximately 85,000 Verizon workers went on an 18-day labor strike in August 2000 after their union contracts expired. Additionally, Verizon offered internet services and long-distance calling in New York, before expanding long-distance operations to other states. The company also inherited 25 million mobile phone customers. Verizon became the largest local telephone company in the United States, operating 63 million telephone lines in 40 states. The new entity was headed by co-CEOs Charles Lee, former CEO of GTE, and Bell Atlantic CEO Ivan Seidenberg. The approval came with 25 stipulations to preserve competition between local phone carriers, including investing in new markets and broadband technologies. The name Verizon derives from the combination of the words veritas, Latin for truth, and horizon. ![]() īell Atlantic changed its name to Verizon Communications in June 2000, when the FCC approved the US$64.7 billion merger with telephone company GTE, nearly two years after the deal was proposed in July 1998. ![]() 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. Verizon Wireless merged Bell Atlantic's wireless network, Vodafone's AirTouch and PrimeCo holdings, and the wireless division of GTE. The deal was valued at approximately $70 billion and created a mobile carrier with 23 million customers. The companies established Verizon Wireless as its own business operated by Bell Atlantic, which owned 55% of the venture. Two months before the Federal Communications Commission (FCC) gave final approval on the formation of Verizon Communications, Bell Atlantic formed Verizon Wireless in a joint venture with the British telecommunications company Vodafone in April 2000. The logo is occasionally used on payphones and phone cards. Mergers with GTE and Vodafone (2000–2002) Former logo used from 2000 to September 1, 2015. NYNEX was consolidated into the Bell Atlantic name by 1997. When it merged, it moved its corporate headquarters from Philadelphia to New York City. Smith orchestrated Bell Atlantic's merger with NYNEX. C&P Telephone (itself comprising four subsidiaries).The Bell Telephone Company of Pennsylvania. ![]() īell Atlantic's original roster of operating companies included: Bell Atlantic Corporation was created as one of the original "Baby Bell" Regional Bell Operating Companies (RBOCs) in 1984. In 1983, the US Department of Justice came to a settlement with AT&T Corporation to breakup the Bell System. It also sells accessories and gear for mobiles and PCs. Verizon's mobile network is the second-largest wireless carrier in the United States, with 143.3 million subscribers as of the end of Q2 2023. 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. The other two, like Verizon, exist as a result of mergers among fellow former Baby Bell members. AOL and Yahoo were amalgamated into a new division named Oath Inc., which was rebranded as Verizon Media in January 2019, and was spun off and rebranded to Yahoo after its sale to Apollo Global Management.Īs of 2016, Verizon is one of three remaining companies with roots in the former Baby Bells. In 2015, Verizon expanded into content ownership by acquiring AOL, and two years later, it acquired Yahoo! Inc. Bell Atlantic, the surviving entity, changed its name to Verizon, a portmanteau of veritas (Latin for "truth") and horizon. 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. 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 1997, Bell Atlantic expanded into New York and the New England states by merging with fellow Baby Bell NYNEX. The company was formed in 1984 as Bell Atlantic as a result of the breakup of the Bell System into seven companies, each a Regional Bell Operating Company (RBOC), commonly referred to as "Baby Bells." The company was originally headquartered in Philadelphia and operated in the states of New Jersey and Virginia. Verizon's capital stock is a component of the Dow Jones Industrial Average. The company is incorporated in Delaware, and headquartered at 1095 Avenue of the Americas in Midtown Manhattan, New York City. ( / v ə ˈ r aɪ z ən/) is an American multinational telecommunications conglomerate.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |