searchspell:dslcorrected for verizon dsl
Verizon Communications (NYSE: VZ) is a major telecom company based in New York City. It is a Baby Bell formed when Bell Atlantic, one of the Regional Bell Operating Companies, bought GTE, formerly the largest independent local-exchange telephone company in the United States in 2000. Prior to its transformation into Verizon, Bell Atlantic had merged with another Regional Bell Operating Company, NYNEX, in 1997. The name is a portmanteau of the Latin word veritas (meaning truth) and the English word horizon.
The Creation of VerizonPre-merger historyBell AtlanticBell Atlantic logo, 1984-1997 Bell Atlantic logo, 1997-2000The origins of this company began as Bell Atlantic, and was created as one of the original Regional Bell Operating Companies (RBOCs) in 1984. Bell Atlantic's original roster of operating companies included:
Bell Atlantic originally operated in the U.S. states of New Jersey, New York. Pennsylvania, Delaware, Maryland, West Virginia, and Virginia as well as Washington, DC. In 1994, Bell Atlantic became the first RBOC to entirely drop the orginal names of its original operating companies. U S West and Ameritech simply added d/b/a names to its operating companies; BellSouth had merged its operating companies. Operating company titles were simplified to:
In 1996, CEO and Chairman Raymond Smith orchestrated Bell Atlantic's merger with NYNEX. When it merged, it moved its corporate headquarters from Philadelphia to New York City. NYNEX was consolidated into this name by 1997. NYNEXNYNEX logoNYNEX was created as one of the original Regional Bell Operating Companies (RBOCs) in 1984 and it owned New York Telephone and New England Telephone. NYNEX also operated cable TV services in some parts of the UK, although these were later sold to Cable & Wireless, which subsequently sold these to NTL. In Gibraltar, NYNEX had a 50 per cent stake in a joint venture with the Government of Gibraltar, called Gibraltar NYNEX Communications, also known as GNC or GibNYNEX. The NYNEX name was retained after the U.S. parent company's merger with Verizon, before being dropped in 2002 in favor of Gibtelecom, although it is still used colloquially in Gibraltar. General Telephone and Electronics (GTE)GTE corporate logo, 1971-2000General Telephone and Electronics (GTE) was the largest of the "independent" telephone companies during the days of the Bell System. It would later merge with the second largest independent, Continental Telephone (ConTel). They also owned Automatic Electric, a telephone equipment supplier similar in many ways to Western Electric. GTE provided local telephone service in a large number of areas of the U.S. through operating companies, much like how AT&T provided local telephone service through its 22 Bell Operating Companies. GTE operated in Canada via controlling interest in subsidiary companies such as BC TEL and Quebec Tel. Its former Canadian subsidiaries have combined with the former Alberta Government Telephones (AGT) to create TELUS, the second largest telecommunications carrier in Canada. The Bell Atlantic-GTE mergerThe mergers that formed Verizon were among the largest mergers in United States business history, culminating in a definitive merger agreement, dated July 27, 1998, between Bell Atlantic, based in New York City since the merger with NYNEX in 1996, and GTE, which was in the process of moving its headquarters from Stamford, Connecticut, to Irving, Texas. The Bell Atlantic-GTE merger, priced at more than $52 billion at the time of the announcement, closed nearly two years later, following analysis and approvals by Bell Atlantic and GTE shareowners, 27 state regulatory commissions and the Federal Communications Commission (FCC), and clearance from the United States Department of Justice (DoJ) and various international agencies. The merger of Bell Atlantic and GTE, to form Verizon Communications, became effective on June 30, 2000, with an exchange ratio of 1.22 shares of Verizon Communications Common Stock for each share of GTE Common Stock owned. Fractional shares resulting from the exchange of GTE stock into Verizon Communications shares were sold at a price of $55.00 per share. Verizon began trading on the New York Stock Exchange (NYSE) under its new "VZ" symbol on Monday, July 3, 2000. Meanwhile, on September 21, 1999, Bell Atlantic and UK-based Vodafone AirTouch Plc (now Vodafone Group Plc) announced that they had agreed to create a new wireless business with a national footprint, a single brand and a common digital technology—composed of Bell Atlantic's and Vodafone's U.S. wireless assets (Bell Atlantic Mobile (which was previously called Bell Atlantic-NYNEX Mobile by 1997), AirTouch Cellular, PrimeCo Personal Communications and AirTouch Paging). This wireless joint venture received regulatory approval in six months, and began operations as Verizon Wireless on April 4, 2000, kicking off the new "Verizon" brand name. GTE's wireless operations became part of Verizon Wireless—creating what was initially the nation's largest wireless company before Cingular Wireless acquired AT&T Wireless in 2004—when the Bell Atlantic–GTE merger closed nearly three months later. Verizon then became the majority owner (55%) of Verizon Wireless. Genuity was formerly the Internet division of GTE Corp and spun off in 2000.[2] Level 3 Communications acquired the bankrupt ISP in 2002 for only $137 million; a bargain-basement price the $616 million that a pre-Bell Atlantic-merger GTE paid for Genuity (then BBN Planet) paid in 1997.[3] Following the MergerNote this section refers to land lines only, as Verizon Wireless operates nationwide. Verizon shares were made a component of the Dow Jones Industrial Average on April 8, 2004.[4] Verizon currently has 140.3 million land lines in service. It also has more than 16 million long distance customers. As of 2003, it has more than 203,000 employees. Verizon serves customers throughout much of the United States. The primary states that it provides service to include:
These states are served by the following renamed Bell Operating Companies:
(**) Also served by GTE operating companies (refer below) It also provides service to secondary markets (mostly from its acquisition of GTE) in:
These states are served by these operating companies:
Due to the rigorous climate and high costs, GTE Alaska was sold to Alaska Power and Telephone Company rather than be merged with Verizon. Verizon also serves international customers in the Dominican Republic through Verizon Dominicana, Venezuela through CANTV, and Puerto Rico through Telecomunicaciones de Puerto Rico, Inc. (TELPRI). Verizon also owns 50% of Gibraltar NYNEX Communications and part of Vodafone Italia. In 2002, Verizon sold GTE's former telephone operations in 3 states: Missouri and Alabama operations were sold to CenturyTel, and Kentucky operations were sold to Alltel. In 2005, Verizon sold off GTE's former telephone operations in Hawaii to The Carlyle Group, This operation is now known as Hawaiian Telcom. MCI AcquisitionMCI logo, 2003-2006On February 14, 2005, Verizon agreed to acquire MCI, formerly WorldCom, after SBC Communications agreed to acquire AT&T just a few weeks earlier. Media coverage has focused on several ways in which that acquisition, once completed, will benefit Verizon, including economies of scale derived from a potential productivity boost to be achieved via the elimination of thousands of jobs at the combined company, and access to the large base of business customers currently served by MCI. However, the real benefit to Verizon is the acquisition of long-haul lines. While it is the largest telecommunications company in the world, the bulk of Verizon's profitable business is concentrated in the eastern United States. This not only renders the company, effectively, a regional phone company, but also forces it to pay usage fees to a long-haul carrier such as MCI to complete calls for its customers whenever those calls go outside the Verizon "footprint." That need is obviated by the MCI acquisition. The merger was completed January 6, 2006. MCI was then incorporated into Verizon with the name Verizon business. Services Offered by VerizonVoiceVerizon provides standard POTS (Plain Old Telephone Service) service as well as VoIP (Voice Over Internet Protocol) and Fiber line services. VideoVerizon launched its FiOS Video service in Keller, TX on September 22, 2005. FiOS TV [5] uses the FTTP network to deliver more than 330 total channels, more than 180 digital video and music channels more than 20 high-definition channels, and 1,800 video-on-demand titles. DataVerizon provides DSL (Digital Subscriber Line) Internet service in many areas where it offers phone service. Verizon recently began offering FTTP (Fiber to the Premises) to some subscribers. Verizon calls this "FiOS Internet".[6] Verizon information servicesThe yellow page business for Verzion known as Superpages is a Texas-based sales, publishing and related services for 1,200 directory titles with a circulation of about 121 million copies in 41 states. The web sites receives 17 million unique visitors a month. It had an operating revenue of $3.6 billion in 2004 and employs 7,300 nationwide.[7] With an estimated 17 bllion dollars in assets, Verizon is exploring a sale or spin-off of the business unit to finance its expansion in wireless and high-speed Internet services.[8] See also
Corporate GovernanceCurrent members of the board of directors of Verizon Communications are: James Barker, Richard Carrión, Robert Lane, Sandra Moose, Joseph Neubauer, Thomas O'Brien, Hugh Price, Ivan Seidenberg, Walter Shipley, John R. Stafford, and Robert Storey. Verizon's CompetitorsLandline
Wireless
References
External links
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