(Formed from MCI, WorldCom, GTE & Bell Atlantic)
While Verizon is truly a 21st century company, the mergers that formed Verizon were many years in the making, involving companies with roots that can be traced to the beginnings of the telephone business in the late 19th century.
Verizon Communications Inc., based in New York and incorporated in Delaware, was formed on June 30, 2000, with the merger of Bell Atlantic Corp. and GTE Corp.
GTE and Bell Atlantic had each evolved and grown through years of mergers, acquisitions and divestitures. Each had proven track records in successfully integrating business operations.
Prior to the merger, GTE was one of the world's largest telecommunications companies, with 1999 revenues of more than $25 billion.
Bell Atlantic was even larger than GTE, with 1999 revenues of more than $33 billion.
The Bell Atlantic - GTE transaction -- valued at more than $52 billion at the time of the announcement -- was designed to join Bell Atlantic's sophisticated network serving its densely-packed, data-intensive customer base in 13 states from Maine to the Virginias with GTE's national footprint, advanced data communications capabilities and long-distance expertise. The purpose was to create a combined company with the scale and scope to compete as one of the telecommunications industry's top-tier companies. This combined company would be able to provide long-distance and data services nationwide as part of a full package of other communications services (subject to regulatory restrictions).
In its first five years, from mid-2000 to mid-2005, Verizon invested a total of more than $72 billion to maintain, upgrade and expand its technology infrastructure.
As of year-end 2005, Verizon's wireline network included more than 48 million wireline access lines and more than 5 million broadband connections nationwide. Over 1.5 billion phone calls and trillions of bits of data were being carried over this nationwide network on an average business day, with a reliability factor of over 99.999 percent. Verizon's wireline network also included approximately 9.3 million miles of local, inter-city and long-distance fiber-optic systems -- more than any U.S. local or long-distance company and more than enough to circle the Earth 390 times.
On Feb. 14, 2005, Verizon announced that it had agreed to acquire MCI, Inc., in a move to enhance Verizon's ability to deliver the benefits of converged communications, information and entertainment across the country and around the world.
Following this transaction, Verizon has approximately $90 billion in annual total consolidated operating revenues and approximately 250,000 employees, serving customers in more than 140 countries. Verizon now operates three network-based businesses: Verizon Wireless, operator of America's most reliable wireless network; Verizon's landline segment (Domestic Telecom), which is deploying the most advanced wireline broadband and video network in America today; and Verizon Business, which includes many former MCI operations and serves medium and large businesses and government customers.
Ofcom has advised that a statement on the regulation supporting 0870 number revenue share payments should be made by Christmas this year. Read more »
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