The Verizon Wireless, Comcast, Time Warner Cable and...
The Verizon Wireless, Comcast, Time Warner Cable and Bright House Networks joint venture to integrate cable and wireless technologies “has been terminated,” Verizon Communications Chief Financial Officer Fran Shammo said Thursday during a call with investors. The partnership formed as…
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part of the larger Verizon/SpectrumCo spectrum deal (CD Dec 5/11 p5). A Verizon spokeswoman said the partnership dissolved in late August, just before Verizon announced it was buying Vodafone’s 45 percent of Verizon Wireless for $130 billion (CD Sept 2 p1). Although the companies are “moving in our separate ways” on the partnership, Verizon will continue its bundling and other joint-marketing deals with the cable companies, Shammo said. The Verizon Wireless buyout was at least part of the reason the partnership ended, he said, saying the telco can now concentrate on “bringing to the customer the best products available between wireline and wireless.” Verizon filed a proxy statement with the SEC last week related to the deal, Shammo said (http://bit.ly/19UJ98O). Verizon Wireless added a net 927,000 postpaid subscribers during Q3, in line with analysts’ expectations. Verizon had a net $2.2 billion profit for the quarter, up from a $1.6 billion net profit during the same period last year. The telco had total quarterly revenue of $30.3 billion. Verizon Wireless activated 10.2 million mobile devices during the quarter, including 7.6 million smartphones; about 3.9 million of the smartphones were iPhones. Verizon added a net 173,000 FiOS Internet subscriptions and 135,000 net FiOS television connections during the quarter.