Verizon Communications Inc. / VZ
Verizon technologists replace copper wires with fiber optic cables. (Photo: Courtesy of company.)
About Verizon Communications Inc.
140 West St., New York, N.Y. 10007
www.verizon.com
| 800-621-9900
| Founded: 1983
Industry: Telecommunications | Category: Top Companies Headquartered Outside Region
Verizon continued to invest billions of dollars in its fiber-optic network designed to carry not only phone service but also video and high-speed Internet access. It is aggressively challenging cable TV companies, including Comcast and Cox in the Washington area, for residential customers. In November, the Montgomery and Prince George's county councils followed the examples of Howard and Fairfax counties, agreeing to let Verizon begin selling its television services locally.
Verizon's profit declined and its debt was downgraded in 2006 as its investments in Internet and television service offset significant growth in the wireless division. The number of land-line customers, meanwhile, declined.
Verizon scored a victory in February 2006 after the Federal Communications Commission deregulated several high-speed data services that the company offers to business customers. In June, Verizon Wireless announced it would reduce the $175 in fees its customers pay to break cellphone contracts. Meanwhile, chief executive Ivan G. Seidenberg said Verizon was unlikely to buy Vodafone Group's 45 percent stake in Verizon Wireless in the next several years, ending months of speculation about an imminent deal. In November, Internet video service YouTube launched a television-like channel featuring its most popular videos on Verizon Wireless cellphones. The next month, former Treasury secretary John W. Snow was named to Verizon's board, and Jack Plating was named executive vice president and chief operating officer of Verizon Wireless.
Chairman and CEO: Ivan G. Seidenberg
2007 Financial Data
Total employees: 242,300 | Local employees: 18,200Did You Know
Verizon Communications Inc. is the nation's second-largest telephone company, with about 59 million wireless customers and 45 million traditional land-line customers.
