Skip to comments.Trump's beef with CNN could spill over into AT&T's $85B deal with Time Warner
Posted on 07/07/2017 2:26:28 PM PDT by bigbob
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Bingo. These corporations seem to be under the gun to adopt ridiculous political stances like the under Nazi Germany. I suspect the Obama phone was lucrative taxpayer business for them?
However it hasn't affected TWX's stock much.
That is not exactly right. AT&T was not the last divested RBOC standing.
As of 2016, Verizon is one of three 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. One, SBC Communications, bought out its former parent AT&T Corporation and assumed the AT&T name. The other, CenturyLink, was formed initially in 2011 by the acquisition of Qwest (formerly named US West).Going back to explain Verizon's piece:
In 1997, Bell Atlantic expanded into New York and the New England states by merging with fellow Baby Bell NYNEX.Circling back to my piece of the story.
Bell Atlantic originally operated in the states of New Jersey, Pennsylvania, Delaware, Maryland, West Virginia, and Virginia, as well as Washington, DC.
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 company, changed its name to "Verizon", a portmanteau of veritas (Latin for "truth") and horizon.
Verizon began negotiations to purchase long distance carrier MCI in 2005. MCI accepted the company's initial $6.75 billion offer in February 2005, but then received a higher offer from Qwest Communications. Verizon increased its bid to $7.6 billion (or $23.50 a share), which MCI accepted on March 29, 2005. The acquisition gave the company access to MCI's one million corporate clients and international holdings, expanding Verizon's presence into global markets. As a result, Verizon Business was established as a new division to serve the company's business and government customers.All this from Wikipedia.
I know this because after working for ITT USTS and SPC Sprint, I started with MCI (Jack the giant killer) in 1983 and spent 31 years there until I retired from Verizon Business in December of 2014. Part of the 31 years included the purchase of MCI by Bernie Ebbers-LDDS/Worldcom and the subsequent scandal and bankruptcy. It was a white-knuckle ride but Verizon did right by me!
Oh, along the way and after that a few more things happened:
In September 2013, Verizon purchased the 45% stake in Verizon Wireless owned by Vodafone for $130 billion. The deal closed on February 21, 2014, becoming the third largest corporate deal ever signed, giving Verizon Communications sole ownership of Verizon Wireless.Bernie Ebbers is still in Federal PMITA Prison for his securities fraud and conspiracy charges.
On May 12, 2015, Verizon announced they would acquire AOL at $50 per share, for a deal valued around $4.4 billion.
The following year, Verizon announced that it would acquire the core internet business of Yahoo for $4.83 billion.
Following the completion of the latter acquisition, Verizon intends to operate AOL and Yahoo under a new division known as Oath.
On May 23, 2017, Verizon CEO Lowell McAdam confirms company's plan to launch a streaming TV service later 2017. The integrated AOL-Yahoo operation, housed under the newly created Oath division, will be organized around key content-based pillars.
On June 8, 2017, Yahoo! shareholders approved the sale of some of the company's internet assets to Verizon for $4.48 billion. The deal officially closed on June 13, 2017.
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