Verizon Connect

Verizon Communications Inc.
	File:Verizon 2015 logo.svg Logo since 2015
Company type	Public company
Industry	Telecommunications
Predecessor	Bell Atlantic, GTE, NYNEX
Founded	1983; 43 years ago
Headquarters	New York City, United States
Area served	United States (nationwide)
Key people	Lowell McAdam (CEO as of 2011)
Products	Wireless services, broadband internet, digital content (formerly)
Number of employees	85,000 (strike in 2000; exact current number not specified)
Website	www.verizon.com

Verizon Communications Inc. () is a leading American telecommunications firm based in New York City. Ranking as the second-largest telecom company worldwide by revenue, it stands as the foremost wireless provider in the United States, boasting 146.1 million subscribers as of June 30, 2025.

Established in 1983 under the name Bell Atlantic following the dissolution of the Bell System, its initial operations covered Pennsylvania, New Jersey, Delaware, Maryland, Virginia, and West Virginia. The company expanded its footprint in 1997 by merging with fellow Baby Bell NYNEX, thereby entering New York and New England markets and relocating its headquarters to New York City. In 2000, Bell Atlantic further extended its nationwide presence by acquiring GTE and subsequently rebranding itself as Verizon—a name derived from the Latin words veritas (meaning truth) and horizon.

Beyond its core telecommunications business, Verizon has pursued growth through targeted acquisitions. In 2015, it acquired AOL to enhance its digital content and advertising platforms. Two years later, Verizon purchased Yahoo! Inc., merging AOL and Yahoo into a division initially named Oath Inc., which was rebranded to Verizon Media in 2019 before being spun off and sold to Apollo Global Management under the Yahoo! Inc. brand.

As of 2016, Verizon remains one of the three primary companies originating from the former Baby Bells, alongside SBC Communications (now AT&T) and CenturyLink (now Lumen Technologies), both of which were formed through mergers among Baby Bell entities.

Bell Atlantic and mergers with NYNEX, GTE and Vodafone (1984–2002)

Following the US Department of Justice's agreement with AT&T to dismantle the Bell System in 1983, Bell Atlantic Corporation was established in 1984 as one of the original "Baby Bell" Regional Bell Operating Companies (RBOCs).

At inception, Bell Atlantic's operating companies comprised:

The Bell Telephone Company of Pennsylvania
New Jersey Bell
Diamond State Telephone
C&P Telephone along with four subsidiaries

In 1996, under CEO and Chairman Raymond W. Smith's leadership, Bell Atlantic merged with fellow Baby Bell NYNEX—owner of New York Telephone and New England Telephone—relocating its headquarters from Philadelphia to New York City. By 1997, NYNEX was fully integrated under the Bell Atlantic brand.

In April 2000, shortly before the FCC approved Verizon Communications' establishment, Bell Atlantic partnered with British telecom Vodafone (owner of AirTouch) to form Verizon Wireless. Bell Atlantic held a 55% stake while Vodafone owned 45%, creating a wireless carrier serving 23 million customers with an estimated value near $70 billion. This joint venture combined Bell Atlantic’s wireless assets with Vodafone’s AirTouch and PrimeCo holdings plus GTE’s wireless division to provide nationwide coverage at competitive pricing.

Following FCC approval in June 2000 of its $64.7 billion acquisition of telephone company GTE—announced in April 1998—Bell Atlantic rebranded as Verizon Communications. The new name blends the Latin terms veritas (truth) and horizon. The merger was subject to 25 regulatory conditions aimed at preserving competition and required commitments to invest in emerging markets and broadband technologies. Leadership was shared by co-CEOs Charles Lee (formerly GTE CEO) and Ivan Seidenberg (former Bell Atlantic CEO).

Verizon emerged as the largest local telephone provider in the US, managing 63 million lines across 40 states and inheriting a mobile subscriber base of 25 million. Initially offering internet and long-distance services in New York, it gradually expanded these offerings nationwide.

In August 2000, approximately 85,000 Verizon employees initiated an 18-day strike following contract expirations with unions. This labor action affected quarterly revenue results and postponed Verizon Wireless's planned IPO, which was ultimately canceled in 2003 due to improved profitability that negated the need for capital raising.

Verizon introduced its 3G service in 2002, doubling internet speeds to 144 kbps. Later that year in August, it began offering bundled packages combining local telephone, long-distance calling, mobile service, and internet access for customers in New York and Massachusetts.

Early Growth Phase (2003–2010)

In April 2004, Verizon Communications took over AT&T's position in the Dow Jones Industrial Average, signifying a major advancement in its market stature. That same year, Verizon introduced its Fios Internet service in Keller, Texas, leveraging fiber optic infrastructure. By January 2006, Fios had grown to provide more than 350 channels across seven states, featuring high-definition programming and video on demand options.

During 2004, Verizon adopted a contentious email policy that automatically blocked European connections to curb spam, which sparked customer dissatisfaction and resulted in a class-action lawsuit resolved in 2006.

Beginning in 2005, Verizon began strategically divesting assets related to wireline and international operations to focus on mobile, broadband, and television services. It sold 700,000 telephone lines in Hawaii (2005), transferred lines in Maine, New Hampshire, and Vermont to FairPoint Communications for $2.72 billion (2007), and divested its telephone directory business (2006). In 2009, Verizon sold wireline assets across 14 states to Frontier Communications for $8.6 billion and also exited Caribbean telecommunications by selling interests to América Móvil. In 2015, Verizon monetized numerous wireless towers by leasing them to American Tower Corp. for $5.1 billion, which helped finance a $10.4 billion acquisition of AWS-3 spectrum licenses. Additional wireline asset sales to Frontier occurred in Texas, Florida, and California during 2016.

In 2005, Verizon acquired long-distance carrier MCI for $7.6 billion after competing with Qwest Communications. This deal expanded Verizon’s corporate clientele and international footprint, leading to the establishment of the Verizon Business division. The Federal Communications Commission approved the transaction later that year at $8.5 billion, contributing up to a 20% revenue increase for Verizon in 2006.

In May 2006, Verizon was confronted with a $50 billion lawsuit alleging privacy breaches related to sharing landline phone records with the NSA without warrants following the events of 9/11. The company maintained that it complied only with lawful requests but admitted to releasing customer information without court orders on 720 occasions between 2005 and 2007.

Verizon prevailed in a patent infringement case against Vonage in 2007 concerning IP-to-phone number conversion technology, winning $58 million in damages plus future royalties; an appeal later raised the total amount owed to $120 million.

Also in 2007, Verizon acquired CyberTrust, strengthening its global information security offerings. That year, Verizon Wireless reversed its prior refusal to allow NARAL Pro-Choice America access to text messaging short codes following public criticism.

In 2007, Verizon opened its network infrastructure to third-party applications and devices, enabling participation in the FCC's "open access" spectrum auction held in 2008 where it secured licenses covering roughly 469 million people at a cost of $9.4 billion. This spectrum acquisition underpinned the company's forthcoming rollout of its 4G LTE network.

In 2008, Verizon purchased Rural Cellular Corp. for $2.7 billion and announced its $28.1 billion acquisition of Alltel, which added approximately 13 million customers and expanded its reach into rural areas.

At the start of 2010, Verizon Wireless temporarily restricted access to the website 4chan due to security concerns but restored service shortly thereafter.

In August 2010, Verizon and Google reached an agreement outlining a limited interpretation of network neutrality principles.

By October 2010, Verizon Wireless paid $77.8 million in refunds and FCC fines after overcharging nearly 15 million customers for data services because of billing inaccuracies.

Verizon launched its initial 4G LTE network deployment in December 2010 across 38 metropolitan areas and seven airports with plans for ongoing expansion over the next three years.

Service expansion (2011–present)

At the start of 2011, Verizon acquired Terremark, an IT services provider, for $1.4 billion. On August 1, 2011, Ivan Seidenberg stepped down as CEO, with Lowell McAdam assuming the role.

In December 2011, Verizon faced scrutiny over its tax strategies and executive compensation increases amid workforce reductions; nevertheless, its 2012 SEC filing disclosed tax payments exceeding $11.1 billion between 2009 and 2011, attributing employment declines primarily to voluntary retirements.

Verizon ventured into automotive wireless solutions by acquiring Hughes Telematics for $612 million in June 2012. That same month, the company’s E-911 service experienced outages during the June derecho storm, leading to an FCC inquiry and subsequent system enhancements.

The FCC ruled against Verizon’s imposition of additional charges for Wi-Fi tethering on 4G devices in 2012, which resulted in a voluntary $1.25 million payment to the U.S. Treasury.

In August 2012, the Department of Justice approved Verizon’s $3.9 billion acquisition of AWS spectrum from cable operators Comcast, Time Warner Cable, and Bright House Networks, facilitating LTE network growth beginning in October 2013.

In 2013, The Guardian disclosed an FBI-authorized NSA directive compelling Verizon to supply call metadata; Verizon Wireless was exempt due to foreign ownership constraints.

Verizon purchased Vodafone’s 45% stake in Verizon Wireless for $130 billion in September 2013, achieving full ownership by February 2014—marking one of the largest corporate transactions ever.

Following Verizon’s legal challenge, the DC Circuit Court invalidated FCC net neutrality regulations in January 2014; however, these rules were upheld in a 2016 decision that classified broadband as a public utility.

In 2013, Verizon received over a thousand national security letter requests and settled mobile cramming allegations for $90 million in May 2015.

Verizon launched the technology news platform SugarString in October 2014 but shuttered it two months later amid disputes regarding editorial independence.

A security vulnerability revealed in May 2015 exposed data risks affecting millions of residential internet users.

August 2015 saw the introduction of Hum, a vehicle diagnostics service; subsequently, in August 2016, Verizon acquired Fleetmatics for $2.4 billion to strengthen its enterprise telematics portfolio. Additional acquisitions included Sensity (specializing in LED sensor technology) and SocialRadar (focused on mapping solutions) to enhance IoT and location-based services.

In 2016, the Communications Workers of America accused Verizon of deprioritizing copper telephone line upkeep in favor of wireless VoiceLink services; Verizon defended this approach as aimed at expediting customer service restoration.

Early in 2017, Verizon explored acquiring Charter Communications; however, Charter declined by mid-year.

Throughout 2017, Verizon expanded its fiber-optic infrastructure by acquiring XO Communications’ fiber assets for $1.8 billion, securing a fiber purchase agreement with Corning covering 12.4 million miles annually, and purchasing WideOpenWest’s Chicago fiber network for $225 million.

New York City filed a lawsuit against Verizon in 2017 over unmet fiber-optic deployment commitments; Verizon cited landlord restrictions and alternative routing agreements as justifications.

In 2018, Verizon merged its telematics businesses into Verizon Connect and announced a voluntary separation program reducing approximately 7% of its workforce alongside a $4.6 billion impairment charge on its media segment due to competitive challenges.

Hans Vestberg replaced McAdam as CEO on August 1, 2018, emphasizing a strategic focus on 5G technology. Early in 2019, Verizon restructured into Consumer, Business, and Media divisions.

Beginning March 2019, Verizon provided complimentary anti-spam and robocall-blocking tools to customers.

Verizon launched its mmWave-based 5G network in April 2019 across thirty cities by year-end; while delivering high speeds, mmWave technology is limited by short range and poor penetration.

In January 2020, Verizon introduced OneSearch, a privacy-centric search engine.

To broaden its unified communications offerings, Verizon acquired videoconferencing company BlueJeans in May 2020 for under $500 million.

In September 2020, Verizon announced plans to purchase TracFone Wireless from América Móvil for $6.25 billion; following FCC approval, the transaction closed in November 2021.

Concerns about interference with aircraft cockpit systems delayed nationwide deployment of Verizon’s and AT&T’s 5G networks in early 2022; agreements with the FAA enabled phased rollouts with restrictions near airports.

Verizon significantly bolstered its mid-band spectrum portfolio by acquiring C-Band spectrum at an FCC auction for $52.9 billion in early 2021.

By December 2023, Verizon planned to establish a global center of excellence in Limerick, Ireland—adding over 400 jobs by expanding its existing Dublin operations with roles spanning technology and communications sectors.

In May 2024, Verizon partnered with satellite manufacturer AST SpaceMobile to improve direct-to-cell connectivity across remote areas within the United States.

On September 5, 2024, Verizon announced its intention to acquire Frontier Communications for $20 billion through an all-stock transaction aimed at expanding its fiber network; the FCC granted approval in May 2025.

Also during May 2025, under regulatory pressure tied to the Frontier acquisition approval process, Verizon discontinued its diversity, equity, and inclusion initiatives.

Dan Schulman was appointed CEO on October 6, 2025, succeeding Hans Vestberg.

Purchase of AOL and Yahoo

In 2015, Verizon completed the acquisition of AOL for approximately $4.4 billion, paying $50 per share. The next year, Verizon announced its $4.83 billion purchase of the primary internet assets of Yahoo!. Following these transactions, Verizon established the Oath division to oversee the AOL and Yahoo brands, excluding Yahoo's holdings in Alibaba Group and Yahoo! Japan.

By 2017, CEO Lowell McAdam revealed intentions to introduce a streaming television service built upon the combined AOL-Yahoo platform under Oath, structured around major content categories. Verizon officially closed the Yahoo deal on June 13, 2017.

In 2021, Verizon divested its media division, which included AOL and Yahoo, selling it to Apollo Global Management for $5 billion while maintaining a 10% ownership interest in the entity.

Financial Overview

For the fiscal year 2024, Verizon reported a net income of US$17.95 billion alongside revenues totaling US$134.788 billion, marking a 0.6% rise compared to the previous year. The company’s stock price exceeded $45 per share, with a market capitalization surpassing US$163.96 billion as of January 2025. Verizon was positioned at #31 on the 2023 Fortune 500 list and ranked #68 in the Fortune Global 500.

Year	Revenue (million US$)	Net Income (million US$)	Total Assets (million US$)	Share Price (US$)	Employees
2005	69,518	7,397	168,130	33.85
2006	88,182	6,197	188,804	34.05
2007	93,469	5,521	186,959	41.22
2008	97,354	−2,193	202,352	34.90
2009	107,808	4,894	226,907	30.46
2010	106,565	2,549	220,005	30.41
2011	110,875	2,404	230,461	36.64
2012	115,846	875	225,222	42.00
2013	120,550	11,497	274,098	48.66	176,800
2014	127,079	9,625	232,616	48.61	177,300
2015	131,620	17,879	244,175	47.17	177,700
2016	125,980	13,127	244,180	51.40	160,900
2017	126,034	30,101	257,143	48.24	155,400
2018	130,863	15,528	264,829	52.08	144,500
2019	131,868	19,265	291,727	58.06	135,000
2020	128,292	18,348	316,481	58.75	132,200
2021	133,613	22,618	366,596	52.25	118,400
2022	136,835	21,748	379,680	39.40	117,100
2023	133,974	12,095	380,255	40.15	105,400
2024	134,788	17,949	374,711	38.90	99,600

Regional Coverage

Verizon delivers internet services (including Fios fiber-optic), landline or VoIP telephone options, home security systems alongside pay television and wholesale data solutions across nine states located in the eastern United States.

Promotional Initiatives

Since its founding phase Verizon Communications has implemented various marketing efforts such as:

"Can you hear me now?"

The "Can you hear me now?" campaign was launched in 2001 for Verizon Wireless and featured actor Paul Marcarelli portraying "Test Man," a network tester traveling nationwide posing this memorable question. Created by New York agency Bozell, this campaign ran through September 2010. Initial research from The Yankee Group indicated notable success: net subscribers increased by 10% reaching 32.5 million in 2002 and rose another 15% to 37.5 million in 2003; meanwhile customer churn declined from 2.5% in 2000 to 1.8% in 2001. In 2011 Marcarelli departed Verizon to become a spokesperson for Sprint Corporation.

There's a map for that

Initiated in late 2009, the "There's a map for that" campaign humorously mimicked AT&T's "There's an app for that" commercials by placing Verizon and AT&T network coverage maps side by side. In November 2009, AT&T filed a lawsuit against Verizon, accusing it of using deceptive coverage maps in these advertisements; however, the legal action was withdrawn later that month after Verizon also dismissed a similar complaint against AT&T.

Executives

Dan Schulman serves as chief executive officer
Sowmyanarayan Sampath leads Verizon Consumer division
Kyle Malady heads Verizon Business operations

Corporate responsibility

Verizon contributes to community support through The Verizon Foundation and operates HopeLine, which provides mobile devices to survivors of domestic violence. Its educational outreach includes the Verizon Innovative Learning Schools initiative, aimed at fostering STEM education.

Between 2019 and 2023, Verizon issued five green bonds amounting to $5 billion, with funds raised in 2023 directed toward facilitating the shift to more sustainable electrical grids. The company introduced its "Citizen Verizon" strategy in 2020, setting forth social and environmental objectives such as achieving carbon neutrality by 2035 and delivering digital skills training programs targeted at youth.

Security concerns

Security researcher Tavis Ormandy from Google Project Zero criticized Verizon’s certification process for its "Excellence in Information Security Testing" award as overly simplistic, citing cases like Comodo Group. The evaluation emphasizes GUI functionalities rather than core security mechanisms, overlooking vulnerabilities such as the Chromodo browser disabling the same-origin policy, weak default authentication protocols in VNC delivery, absence of address space layout randomization (ASLR) during scans, and dependence on access control lists (ACLs).

In 2024, Verizon’s network security was reportedly compromised by the Salt Typhoon advanced persistent threat, which is associated with the Chinese government.

Net neutrality

Since the early 2000s, Verizon alongside Comcast has actively lobbied to modify FCC regulations that require equal internet speeds across all content types. In 2014, Verizon unsuccessfully contested these FCC rules in court.

In July 2017, Verizon acknowledged throttling streaming services such as Netflix and YouTube to speeds of 10 Mbit/s on its mobile network, describing this action as a test intended to "optimize video application performance" without diminishing video quality.

Deceptive advertising of 5G

The Better Business Bureau criticized Verizon in May 2020 for marketing claims that it was "building the most powerful 5G experience for America" without adequately disclosing the limited actual reach of its 5G network. Earlier, in March 2019, Verizon had been cited for advertisements suggesting it had launched the first mobile wireless 5G network before the technology was broadly accessible, potentially misleading consumers about its availability.

Privacy

Verizon has received a one-star rating on privacy from the Electronic Frontier Foundation. In April 2024, the FCC imposed a fine on Verizon approaching $47 million due to unlawful sharing of customers’ real-time location information.

Sponsorships and venues

Verizon serves as the principal sponsor for various prominent sports and entertainment venues while also backing numerous leading athletic organizations.

National Hockey League

In January 2007, Verizon acquired exclusive marketing and promotional rights with the National Hockey League. This agreement was extended in 2012 for an additional three years, incorporating exclusive NHL content accessible through Verizon's GameCenter app.

Motorsports

During 2009 and 2010, Verizon sponsored Justin Allgaier in the NASCAR Nationwide Series. Subsequently, it concluded a two-year partnership with Penske Racing to broaden its involvement in the IndyCar Series. In March 2014, Verizon assumed the role of title sponsor for the IndyCar series, a commitment lasting through 2018.

Verizon also supported a race in the 2021 NASCAR Cup Series, specifically the Verizon 200 at the Brickyard held at Indianapolis Motor Speedway.

National Football League

At the end of 2010, Verizon collaborated with Vodafone Group to succeed Sprint as the official wireless telecommunications partner of the National Football League. The initial contract spanned four years with an estimated value of $720 million. In June 2013, this partnership was extended by another four years in a deal reportedly worth $1 billion, granting Verizon rights to stream every NFL regular-season and playoff game.

USA Team Handball

In January 2020, Verizon became a founding partner of USA Team Handball through that year, with an option to continue support until 2024. The company sponsors jerseys for both men's and women's national handball and beach handball teams and presents the USA Team Handball College Nationals.

That same year, USA Team Handball CEO Barry Siff revealed plans to establish a professional American team handball league sponsored by Verizon. Scheduled to launch in 2023, the league aims to feature 10 teams valued between $3 million and $5 million each. It seeks partnerships with NBA or NHL franchise owners sharing arenas. The vision includes forming multisport clubs modeled after organizations like FC Barcelona or Paris Saint-Germain.

2026 FIFA World Cup

In September 2024, Verizon was announced as a sponsor for the 2026 FIFA World Cup, which will be hosted across the United States, Canada, and Mexico. Verizon will deliver cellular network services for attendees at stadiums, fan festivals, and urban centers within host cities.

Venues

The Philadelphia Orchestra performs primarily in Verizon Hall, located within the Kimmel Center for the Performing Arts.

Verizon has previously held naming rights for several sports and entertainment facilities such as Simmons Bank Arena (formerly Verizon Arena) in North Little Rock, Arkansas; Mayo Clinic Health System Event Center (formerly Verizon Center) in Mankato, Minnesota; and SNHU Arena in Manchester, New Hampshire—known as Verizon Wireless Arena until Southern New Hampshire University secured naming rights in 2016 for a minimum of ten years. Additionally, Verizon sponsored multiple amphitheaters across the United States, including venues in Irvine, California; Maryland Heights, Missouri; Selma, Texas; and Alpharetta, Georgia.

Moreover, Verizon was once a sponsor of Capital One Arena located in Washington, DC.

External links

Bell Operating Companies (Bell System Memorial)