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Verizon Sells Off Wireline Operations, Blames Net Neutrality Plans
itwbennett (1594911) writes "Verizon Communications will sell its local wireline operations in California, Florida and Texas for $10.5 billion, citing uncertainty around federal Internet regulation as one reason for the move, although Verizon executives said the sale has been in the works for several years. It's no secret that local wireline phone service has been a shrinking industry, and Verizon and other carriers see mobile as their greatest growth opportunity. Verizon Chairman and CEO Lowell McAdam cited the Federal Communications Commission's upcoming net neutrality proposal as another potential threat to the growth of wired services. 'Washington should be very thoughtful how they go forward here,' he said. 'This uncertainty is not good for investment, and it's not good for jobs here in America.'"
Funny... Verizon outsourcing jobs is good for america but this isn't?
"This was all in an effort to cut costs and make larger profits. And profits they’ve made. During the same period of laying off thousands of workers, Verizon made more than $19.7 billion in profits and received a $758 billion federal tax refund."
http://www.goodjobsnow.org/201...
Verizon sucks up tax breaks and rebates for building out fios and then tosses it usually to frontier that just barely maintains it. This is how they operate, they hardly ever keep landlines once they are done building in the area and frontier never adds to the network. It is a scam they have ran since they started installing fios as keeping and running the actual network is a not as profitable.
Talk of uncertainty is simply PR=B$ to hold up the sales price. They are simply selling the copper network which they have degraded to crap with poor maintenance, other bits are tacked on in order to protect that price. Incumbents all over the world are looking to dump their degraded copper networks with only idiots looking to buy or scams like in Australia where Toxic Tony and crew who strangled the national NBN project to death are going to dump billions of dollars of taxpayer money straight into the pockets of two corporations and their investors by buying a degraded copper network.
Here's betting exactly what the incumbents will do once they dump the copper, install a new fibre to the premise network and burn the suckers who bought the copper with gold. I wonder how many countries governments will be corrupts enough to buy into the same deal being done in Australia.
Chaos - everything, everywhere, everywhen
'Washington should be very thoughtful how they go forward here,' he said. 'This uncertainty is not good for investment, and it's not good for jobs here in America.'" It's SO nice to realize that they have their customers' best interests in mind...
I know, I know -- they have to make a profit. But it would be nice if someone would realize that net neutrality is about fairness to the consumer, not about maximizing corporate profits.
Frontier is awesome! They are the only company I know that lowered my monthly rate and up'd my speed. Unheard of.