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Verizon Communications Inc is one of the world’s leading providers of communications services. The company’s domestic wireline telecommunications business provides local telephone services, including broadband, in 29 states and Washington, DC and nationwide long-distance and other communications products and services. The domestic wireline consumer business generally provides local, broadband, and long-distance services to consumers. The company’s domestic wireless joint venture - Verizon Wireless - provides wireless voice and data products and services across the US using one of the most extensive wireless networks. The company’s Information Services division operates directory publishing businesses and provides electronic commerce services. Verizon’s international presence includes wireline and wireless communications operations and investments, primarily in the Americas and Europe.
Verizon Communications has its roots in a number of RBOCs that were spun off from the parent Bell company, AT&T, in preparation for the break-up of the AT&T telephone monopoly in 1984. The company grew through the consolidation of two of these RBOCs - Bell Atlantic and NYNEX Corporation - and the subsequent assimilation of GTE Corporation, the largest independent local telephone company in the US. The GTE/Bell Atlantic merger, which created Verizon Communications in its present form, was completed at the end of June 2000. Verizon's shares have been publiclytraded for many years and following the merger has traded on the NYSE under the VZ ticker symbol.
In early-2005, Verizon agreed to acquire MCI Inc for US$8.4 billion. The takeover agreement followed a bidding war with Qwest Communications, whose proposal for a US$9.7 billion deal was rejected by MCI’s board in May. The MCI shareholder vote on the Verizon offer is expected to take place in late-July 2005.
(The activities of Verizon Wireless are covered in a separate Executive Briefing as part of the Network Operators Worldwide (NOW) service.)
