Verizon said to be ‘very serious’ about potential Netflix bid

By on December 13, 2011 at 5:15 PM.

Verizon said to be ‘very serious’ about potential Netflix bid

Mediatech Capital managing partner Porter Bibb believes Verizon Communications is seriously considering making a bid for Netflix. Rumors swirled around recently suggesting that Verizon may team up with the kiosk movie rental service Redbox in 2012 to create its own streaming service to compete head-to-head with Netflix, although perhaps Verizon Communications is considering a different strategy. “I am hearing rumblings from inside Verizon that they are very serious about either Netflix or something similar,” Bibb told Bloomberg on Tuesday. Verizon CEO Lowell McAdam confirmed earlier this month that the company is looking to enter the steaming-video space in an effort to bolster its FiOS offering. More →

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Verizon and RedBox may be plotting movie streaming partnership for early 2012

By on December 9, 2011 at 12:00 AM.

Verizon and RedBox may be plotting movie streaming partnership for early 2012

On Wednesday we reported on a story that suggested Verizon may be planning to challenge Netflix by launching its own video streaming service. Now, it appears the communications giant is secretly working with RedBox, the popular $1.00 video rental kiosk company, on a streaming service that could launch next year. According to TechCrunch, the plan is currently called “Project Zoetrope” and it will allow users to subscribe, download and stream movies and television shows across a variety of platforms including Roku, web browsers, Xbox, Google TV, Android and iOS. Like competing services such as Vudu, both HD and SD resolutions will be available for rental. TechCrunch said pricing will be based on a monthly credit allotment. A user, for example, might buy 10 credits for $9.95 per month, which would allow him or her to stream a certain number of shows or movies. Apple, Amazon, Google, Netflix, Vudu and others are already members of the crowded digital movie rental space, so Verizon and RedBox will certainly face stiff competition if they’re looking to enter this market.  More →

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Verizon considered Hulu buy, may challenge Netflix streaming service next year

By on December 7, 2011 at 8:35 PM.

Verizon considered Hulu buy, may challenge Netflix streaming service next year

Verizon CEO Lowell McAdam recently took the stage during a UBS conference in New York where he explained that Verizon once considered purchasing Hulu. McAdam did not comment on another rumor, which suggests that Verizon is working on building its own video streaming service that could compete with the likes of Netflix and Amazon. Reuters first reported on the rumor and said the service could be deployed next year in areas where Verizon doesn’t offer its FiOS broadband and TV products. It is unclear what programming partners Verizon is speaking with, although Reuters suggested Epix or Viacom would be two content companies that might be interested. “If this deal comes true it’s not clear to me what Verizon would bring to the table that is materially different to what others like Amazon offer,” Bernstein Research analyst Carlos Kirjner told Reuters. McAdams did admit that, while Verizon may not be purchasing Hulu now, his company “[continues] to look at alternatives.” More →

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Verizon Wireless acquires spectrum from Comcast, others for $3.6 billion

By on December 2, 2011 at 9:01 PM.

Verizon Wireless acquires spectrum from Comcast, others for $3.6 billion

Verizon Wireless announced Friday that it plans to acquire 122 advanced wireless services (AWS) spectrum licenses from SpectrumCo, a joint venture formed by Comcast, Time Warner and Bright House Networks, for $3.6 billion. The spectrum covers 259 million POPs. Comcast owns 63.6% of SpectrumCo and will take home $2.3 billion from the spectrum sale, Time Warner owns 31.2% of the company and expects to receive about $1.1 billion, and Bright House Networks will make roughly $189 million on the deal. As part of the agreement, Comcast, Time Warner and Bright House Networks will eventually have the option to sell Verizon Wireless service through wholesale channels. Read on for more. More →

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Verizon granted injunction against picketers in New Jersey, New York, Pennsylvania and Delaware

By on August 15, 2011 at 5:35 PM.

Verizon granted injunction against picketers in New Jersey, New York, Pennsylvania and Delaware

Courts in New Jersey, New York, Pennsylvania and Delaware have granted Verizon Communications injunctions against striking union workers who are picketing outside of its corporate offices and retail locations. Specifically, the injunctions are against members of the International Brotherhood of Electrical Workers. Last week, Verizon filed lawsuits against the Communications Workers of America in New Jersey, New York, Pennsylvania, Delaware and Massachusetts and accused the union workers of sabotage and harassment. 45,000 Verizon Communications employees, about 25% of the company’s workforce, went on strike on August 7th after the company failed to reach an agreement with labor unions over health benefit premiums. Managers are currently filling in for the strikers until a deal is reached, although at this point it appears negotiations could take a while. More →

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Verizon sues workers union claiming harassment, sabotage

By on August 11, 2011 at 8:01 AM.

Verizon sues workers union claiming harassment, sabotage

Verizon Communications has filed lawsuits against the Communications Workers of America union in five states in an effort to limit picketing, the Associated Press reported. In separate filings, the company has accused picketers in New Jersey, New York, Pennsylvania, Massachusetts and Delaware of harassment, sabotage and of blocking access to its facilities. Verizon got a court order to limit picketing in Pennsylvania on Monday, and a similar order was granted in Delaware on Wednesday. More than 45,000 unionized wireline employees at Verizon have walked out over premium increases for health benefits, and managers are currently filing in for the striking workers. More →

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Verizon adds 872,000 subscribers, doubles profit in fourth quarter

By on January 25, 2011 at 11:07 AM.

Verizon adds 872,000 subscribers, doubles profit in fourth quarter

Shares of Verizon Communications stock slid over 1% in after-hours trading Tuesday morning as the company reported its fourth quarter earnings. Despite almost doubling profit from $2.37 billion in the fourth quarter of 2009 to $4.65 billion in 2010, earnings of $0.54 per share missed the Street’s consensus of $0.55 per share and revenue fell 2.6% to $26.4 billion. Subscriber growth of 872,000 net postpaid customers crushed Wall Street’s consensus, however, which sat in the mid-600,000s. “Verizon ended 2010 with strong results, driven by solid execution across all our businesses,” Verizon CEO Ivan Seidenberg said in a statement. “The fourth quarter capped a strong second half of the year, resulting in improved earnings, solid momentum and an even stronger balance sheet. Verizon Wireless produced another quarter of impressive growth, with record-high profitability, as we continue to drive higher smartphone adoption and data use. Following another solid quarter in our wireline businesses, we are optimistic about opportunities to continue to expand wireline margins.” Verizon also noted that only 26% of Verizon Wireless’ 83 million postpaid wireless subscribers owned smartphones at the close of 2010. This creates a tremendous opportunity for the carrier as it prepares to launch the iPhone 4 next month. Hit the break for Verizon’s full press release. More →

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Verizon Wireless Q3 performance: 6% increase in revenue, 93.2 million customers

By on October 22, 2010 at 8:41 AM.

Verizon Wireless Q3 performance: 6% increase in revenue, 93.2 million customers

Verizon Communications announced its Q3 2010 earnings this morning and, buried in that spreadsheet, are the results for the Vodafone, Verizon joint venture that is Verizon Wireless. The company reported 997,000 net additions for the quarter along with a minuscule retail postpaid churn of 1.07%. Total revenue increased by 6% from the third quarter of last year and Verizon Wireless’ customer base now stands at 93.2 million. Other notable facts from the report:

  • Data revenue increased 5.2% year-over-year
  • Cash expense per customer was down to $26.88 from $27.59 the previous year
  • During Q3, Verizon sent more than 183 billion text messages, 3.8 billion picture messages, and saw users complete 22 million music/video downloads

Hit the read link to check out the entire report. More →

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Verizon reorganizes executives; CFO, CEO, COO positions shuffled

By on September 20, 2010 at 11:07 AM.

Verizon reorganizes executives; CFO, CEO, COO positions shuffled

Today, Verizon announced a top-level, executive-role shuffle to the general public. Beginning on October 1, Dan Mead, current executive vice president and COO of Verizon Wireless, will assume the role of president and CEO of Verizon Wireless. Lowell McAdam, who is currently in the VZW president and CEO role, will move to president and COO of Verizon Communications, effective October 1. Current president of Verizon Telecom and Business, Francis J. Shammo, will become the executive vice president and CFO of Verizon Communications, effective November 1. The company also announced that John G. Stratton, current chief marketing officer at VZW, will succeed Mead as CEO. The moves made by Verizon solidify the company’s top executive positions, as several executives –including current Verizon EVP and CFO John Killian —  are expected to retire at the end of this year. We’ve got the full press release ready for you after the break. More →

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Verizon Wireless Q2, data revenue up 23.8%, 92.1 million customers

By on July 23, 2010 at 11:35 AM.

Verizon Wireless Q2, data revenue up 23.8%, 92.1 million customers


Verizon Communications, Inc. has just announced their Q2 earnings, and included in the massive statement is the results for Verizon Wireless (a venture owned by both Verizon Communications and Vodafone). What did Q2 look like for Big Red? Well, Verizon Wireless posted revenues of $16 billion (up 3.4% YoY), had an operating margin of 30.3% (up 2.5% from the previous quarter), and saw its churn rate drop slightly; down to 1.27%. The company added 1.4 million net customers (665,000 of which were postpaid), and now has a portfolio containing over 92.1 million customers coast-to-coast. We’ve got the full press release all linked up for you. More →

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