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Verizon Communications Inc.
Bell Atlantic Corporation (1983–2000)
Traded as
FoundedOctober 7, 1983; 35 years ago (1983-10-07)
Headquarters1095 Avenue of the Americas, ,
Area served
Worldwide (mainly in United States)
Key people
Hans Vestberg (Chairman, CEO)
RevenueIncrease US$130.86 billion (2018)
Decrease US$22.27 billion (2018)
Decrease US$15.52 billion (2018)
Total assetsIncrease US$264.82 billion (2018)
Total equityIncrease US$53.14 billion (2018)
Number of employees
Decrease 139,400 (March 31, 2019)
Footnotes / references

Verizon Communications Inc. (About this soundlisten ) (/vəˈrzən/ və-RY-zən) is an American multinational telecommunications conglomerate and a corporate component of the Dow Jones Industrial Average.[8] The company is based at 1095 Avenue of the Americas in Midtown Manhattan, New York City,[2] but is incorporated in Delaware.

In 1984, the United States Department of Justice mandated AT&T Corporation to break up the Bell System and split into seven companies, each a Regional Bell Operating Company (RBOC), and commonly referred to as "Baby Bells". One of the Baby Bells, Bell Atlantic,[9] came into existence in 1984, consisting of the separate operating companies New Jersey Bell, Bell of Pennsylvania, Diamond State Telephone, and C&P Telephone, with a trading area from New Jersey to Virginia. This company would later become Verizon.

As part of a rebranding of the Baby Bells in the mid-1990s, all of Bell Atlantic's operating companies assumed the holding company's name. In 1997, Bell Atlantic expanded into New York and the New England states by merging with fellow Baby Bell NYNEX. Although Bell Atlantic was the surviving company name, the merged company moved its headquarters from Philadelphia to NYNEX's old headquarters in New York City. In 2000, Bell Atlantic acquired GTE, which operated telecommunications companies across most of the rest of the country that was not already in Bell Atlantic's footprint. Bell Atlantic, the surviving entity, changed its name to "Verizon", a portmanteau of veritas (Latin for "truth") and horizon.[10]

In 2015, Verizon expanded into content ownership by acquiring AOL,[11][12] and two years later it acquired Yahoo!.[13] AOL and Yahoo were amalgamated into a new division named Oath Inc.[14] (currently known as Verizon Media).

As of 2016, Verizon is one of three remaining companies that had their roots in the former Baby Bells. The other two, like Verizon, exist as a result of mergers among fellow former Baby Bell members. SBC Communications bought out the Bells' former parent AT&T Corporation, and assumed the AT&T name. CenturyLink was formed initially in 2011 by the acquisition of Qwest (formerly named US West).

Verizon's subsidiary Verizon Wireless is the second largest U.S. wireless communications service provider as of April 2019, with 153.1 million mobile customers.[15] And as of 2017, Verizon is the only publicly traded telecommunications company to have two stock listings in its home country, both the NYSE (principal) and NASDAQ (secondary).[16] As of 2017, it is also the second largest telecommunications company by revenue after AT&T.[17]

  1. ^ "CBS MarketWatch profile, Verizon Communications, Inc". Retrieved June 13, 2013.
  2. ^ a b McGeehan, Patrick (June 29, 2014). "Verizon to Return to Its Former Midtown Tower, but on a Smaller Scale". The New York Times. ISSN 0362-4331. Retrieved February 27, 2019.
  3. ^ "Verizon Communications Inc. (VZ) Income Statement". Retrieved March 10, 2018.
  4. ^ "Verizon Communications Inc. (VZ) Balance Sheet". Retrieved March 10, 2018.
  5. ^ "Who We Are". Verizon. August 16, 2016. Retrieved March 10, 2018.
  6. ^ "Verizon realigns organization structure to optimize growth opportunities in 5G era".
  7. ^ "Oath is now Verizon Media". January 7, 2019.
  8. ^ "Companies in the Dow Jones Industrial Average". CNNMoney. Retrieved April 24, 2013.
  9. ^ "Verizon | Company History". August 18, 2016.
  10. ^ "Verizon p;— Investor Relations — Company Profile — Corporate History". Retrieved September 14, 2011.
  11. ^ Lunden, Ingrid (May 12, 2015). "In Big Media Push, Verizon Buys AOL For $4.4B [Memo From AOL CEO Tim Armstrong]". TechCrunch. Retrieved February 27, 2019.
  12. ^ Fitchard, Kevin (June 24, 2015). "The real reason Verizon bought AOL". Fortune. Retrieved February 27, 2019.
  13. ^ Goel, Vindu; de la Merced, Michael J. (July 24, 2016). "Yahoo's Sale to Verizon Ends an Era for a Web Pioneer". The New York Times. ISSN 0362-4331. Retrieved February 27, 2019.
  14. ^ Chokshi, Niraj; Goel, Vindu (April 3, 2017). "Verizon Announces New Name Brand for AOL and Yahoo: Oath". The New York Times. ISSN 0362-4331. Retrieved February 27, 2019.
  15. ^ "Grading the top 8 U.S. wireless carriers in the third quarter of 2014". FierceWireless. November 10, 2014. Retrieved March 13, 2015.
  16. ^ Peterson, Kristina. "Verizon Begins Dual-Listing, Adds Presence At Nasdaq".
  17. ^ Gara, Antoine. "The World's Largest Telecom Companies: AT&T And Verizon Top China Mobile".

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