Verizon

Verizon. It is a major American multinational telecommunications conglomerate headquartered in Midtown Manhattan. Formed through the merger of Bell Atlantic and GTE in 2000, the company is a component of the Dow Jones Industrial Average and a leading provider in the wireless network industry. Its operations span wireless communications, fiber-optic communications, and mass media, serving millions of customers across the United States.

History

The company's origins trace back to the Bell System monopoly, which was broken up by the United States Department of Justice in the 1984 Bell System divestiture. One of the resulting Regional Bell Operating Companies, Bell Atlantic, expanded through acquisitions, including NYNEX in 1997. The modern entity was created on June 30, 2000, when Bell Atlantic merged with the independent telecommunications firm GTE, adopting the Verizon name. A pivotal early move was the 2009 acquisition of Alltel, which made its Verizon Wireless subsidiary the largest mobile network operator in the U.S. by subscriber count. Further expansion included the purchase of spectrum from a consortium of cable television companies and the acquisition of Yahoo! and AOL to form Oath Inc., later renamed Verizon Media, which was sold to Apollo Global Management in 2021.

Services

The corporation operates through two primary segments: Verizon Consumer Group and Verizon Business Group. The consumer division offers postpaid and prepaid wireless service under brands like Visible, as well as residential Fios services including fiber-to-the-premises internet, television, and digital voice. The business segment provides solutions in 5G, multi-access edge computing, private networks, and IoT connectivity for enterprise and government clients. Other offerings include managed network services, cybersecurity through Verizon Business, and advanced mobile content delivery platforms. It also operates one of the world's largest IP network backbones.

Corporate affairs

The company is incorporated in Delaware and maintains its corporate headquarters at 1095 Avenue of the Americas in New York City. Its executive leadership is led by Chairman and Chief Executive Officer Hans Vestberg, formerly of Ericsson. Major institutional shareholders include The Vanguard Group, BlackRock, and State Street Corporation. The firm is a consistent member of the Fortune 500 and is listed on the New York Stock Exchange under the ticker symbol VZ. It engages in significant lobbying efforts in Washington, D.C., focusing on telecommunications policy and spectrum auctions administered by the Federal Communications Commission.

Network and technology

It operates extensive national infrastructure, including a dense Long-Term Evolution network and a rapidly deployed 5G network utilizing millimeter wave, C-band, and Dynamic Spectrum Sharing technologies. The wireless network consistently ranks highly in independent studies by firms like RootMetrics and J.D. Power. Its fiber-optic network, marketed as Fios, delivers gigabit-speed internet and competes directly with cable providers like Comcast. The company invests heavily in research and development through its Verizon Innovation Labs and is a founding member of the O-RAN Alliance, promoting open radio access network standards.

Criticism and controversies

The organization has faced scrutiny and regulatory challenges over various practices. It has been criticized for throttling the data speeds of first responders during emergencies, which led to an investigation by the Federal Communications Commission. Significant customer data breaches, including a 2017 incident involving Nice Systems, have raised concerns about its data security protocols. The company has also been involved in disputes with labor unions like the Communications Workers of America over workforce reductions and outsourcing. Furthermore, it has been accused of misleading marketing regarding its 5G network coverage and speeds, resulting in lawsuits and settlements with several state attorneys general.

Category:American companies established in 2000 Category:Telecommunications companies of the United States