History of Verizon in Timeline
Verizon Communications Inc., with headquarters in New York City, is a major American telecommunications company. Holding the rank of the world's second-largest telecommunications company based on revenue, Verizon also boasts the largest wireless network in the United States. As of March 31, 2024, its subscriber count reached an impressive 114.8 million.
1984: Bell Atlantic Emerges from Bell System Breakup
In 1984, the breakup of the Bell System resulted in the formation of Bell Atlantic, one of seven Regional Bell Operating Companies (RBOCs), often referred to as "Baby Bells." Headquartered in Philadelphia, Bell Atlantic's operations spanned Pennsylvania, New Jersey, Delaware, Maryland, Virginia, and West Virginia.
1984: Bell Atlantic Established as RBOC
The breakup of the Bell System resulted in the creation of Bell Atlantic Corporation in 1984, one of the initial "Baby Bell" Regional Bell Operating Companies (RBOCs).
1996: Bell Atlantic and NYNEX Merger Announced
Under the leadership of CEO and Chairman Raymond W. Smith, Bell Atlantic's merger with NYNEX was orchestrated in 1996.
1997: Bell Atlantic Merges with NYNEX
Expanding its reach, Bell Atlantic merged with fellow Baby Bell NYNEX in 1997. While retaining the Bell Atlantic name, the merged company relocated its headquarters to NYNEX's former base in New York City.
1997: Bell Atlantic Files Patents Related to IP Address Conversion
In 1997, Bell Atlantic, which later became part of Verizon, filed patents related to the conversion of IP addresses into phone numbers. These patents became central to a lawsuit against Vonage years later.
July 1998: Bell Atlantic and GTE Merger Proposed
The merger between Bell Atlantic and GTE was initially proposed in July 1998.
April 2000: Verizon Wireless Joint Venture Formed
In April 2000, preceding the FCC's final approval for the formation of Verizon Communications, Bell Atlantic established Verizon Wireless in a joint venture with British telecommunications firm Vodafone. Valued at roughly $70 billion, the deal led to the creation of a mobile carrier serving 23 million customers, combining Bell Atlantic's wireless network, Vodafone's AirTouch and PrimeCo assets, and GTE's wireless division.
June 2000: Bell Atlantic and GTE Merge to Form Verizon Communications
After nearly two years since its initial proposal in July 1998, the FCC granted approval for the US$64.7 billion merger between Bell Atlantic and telephone company GTE in June 2000. The newly formed entity, officially named Verizon Communications, derived its name from the words 'veritas,' Latin for truth, and 'horizon.'
August 2000: Verizon Workers Strike
August 2000 saw approximately 85,000 Verizon workers engage in an 18-day labor strike following the expiration of their union contracts. The strike had a ripple effect, impacting quarterly revenues and causing Verizon Wireless to postpone its planned initial public offering (IPO). Ultimately, the IPO was canceled in 2003 due to the company no longer needing to raise capital for Verizon Wireless, as profits had increased.
2000: Verizon experienced a customer turnover rate of 2.5%.
In 2000, Verizon Wireless recorded a customer turnover rate of 2.5%, indicating that a notable percentage of its subscribers decided to switch to competing service providers.
2000: Bell Atlantic Acquires GTE and Becomes Verizon
In a significant move in 2000, Bell Atlantic acquired GTE, further solidifying its presence across a larger portion of the country. This acquisition led to the company's rebranding as Verizon, a portmanteau of 'veritas' (Latin for 'truth') and 'horizon.'
2001: Verizon launched its iconic "Can you hear me now?" campaign.
Verizon Wireless launched its memorable "Can you hear me now?" advertising campaign in 2001, featuring actor Paul Marcarelli as the "Test Man." The campaign cleverly highlighted the brand's commitment to network coverage and quality.
August 2002: Verizon Introduces 3G Service and Bundled Offerings
In a pioneering move, Verizon rolled out its 3G service in 2002, doubling internet speeds to an unprecedented 144 kb per second. August 2002 also marked the launch of Verizon's bundled service packages, offering local, long-distance, and mobile calling, along with internet service, initially available to customers in New York and Massachusetts.
2002: Verizon experienced significant customer growth during the "Can you hear me now?" campaign.
During the initial years of the "Can you hear me now?" campaign, Verizon Wireless experienced significant customer growth. In 2002 alone, the company added 10% more customers, reaching a total of 32.5 million, underscoring the campaign's effectiveness in attracting new subscribers.
2003: Verizon Wireless Cancels IPO
Verizon Wireless abandoned its initial public offering (IPO) plans in 2003, citing increased profits and a reduced need for capital.
2003: Verizon's customer base expanded to 37.5 million.
Verizon Wireless continued its impressive growth trajectory in 2003, expanding its customer base by an additional 15% to reach 37.5 million subscribers. This growth was attributed in part to the ongoing success of the "Can you hear me now?" campaign.
April 2004: Verizon Joins Dow Jones Industrial Average
Verizon Communications was added to the prestigious Dow Jones Industrial Average stock market index in April 2004, replacing telecom rival AT&T, which had held a position in the index since the Great Depression.
December 2004: Verizon Blocks European Email Traffic
In a controversial move to combat spam originating from Europe, Verizon configured its mail servers at Verizon.net in December 2004 to block connections from the region by default. This action sparked criticism from customers whose communications were disrupted without prior notice, leading to a class-action lawsuit. Verizon later proposed a settlement in April 2006.
March 29, 2005: Verizon Agrees to Acquire MCI
On March 29, 2005, Verizon agreed to acquire long-distance carrier MCI for $7.6 billion, outbidding Qwest Communications. This acquisition aimed to expand Verizon's customer base and global reach.
September 2005: Verizon Launches Fios TV
Following the launch of its fiber optic internet service, Fios, in Keller, Texas, in 2004, Verizon introduced Fios TV in September 2005, also in Keller.
October 31, 2005: FCC Approves Verizon's Acquisition of MCI
The FCC approved Verizon's acquisition of MCI on October 31, 2005, valuing the deal at $8.5 billion.
2005: Verizon Begins Divesting Wireline Assets
Starting in 2005, Verizon intensified its focus on mobile, internet, and TV services by selling off several of its U.S.-based wireline businesses and international holdings. This included the sale of 700,000 lines in Hawaii in 2005.
2005: Verizon Provides Landline Phone Records to NSA
Verizon provided landline phone records to the National Security Agency following the September 11 attacks. This action raised significant privacy concerns and sparked controversy.
January 2006: Fios Expands Channel Lineup and Availability
By January 2006, Fios had expanded its offerings to include over 350 channels across eight states, encompassing 20 high-definition channels and video on demand.
April 2006: Verizon Proposes Settlement for Email Blocking
In response to a class-action lawsuit filed by customers affected by the blocking of European email traffic, Verizon proposed a settlement in April 2006.
May 2006: Verizon Faces Lawsuit and Protests Over Privacy Concerns
In May 2006, Verizon faced a $50 billion lawsuit and public outrage after reports revealed that they, along with AT&T and BellSouth, had provided landline phone records to the NSA following the September 11 attacks.
2006: Verizon Sells Telephone Directory Business
Further streamlining its operations, Verizon divested its telephone directory business in 2006.
2006: Verizon's Revenue Increases After MCI Acquisition
In 2006, Verizon's revenue saw a significant increase of 20% following the successful acquisition and integration of MCI.
January 2007: Verizon Divests Wireline Operations in Northern New England
Continuing its strategic shift, Verizon spun off its wireline operations in Maine, New Hampshire, and Vermont in January 2007. These assets were subsequently acquired by FairPoint Communications for $2.72 billion.
January 2007: Verizon secures NHL marketing rights
Verizon secured exclusive marketing and promotional rights with the National Hockey League in January 2007.
March 2007: Verizon Wins Patent Infringement Lawsuit Against Vonage
In March 2007, Verizon won a patent infringement lawsuit against Vonage, resulting in a $58 million damage award and future royalties. Vonage was later ordered to pay $120 million after losing an appeal.
May 2007: Verizon Acquires CyberTrust
Verizon acquired CyberTrust, a provider of global information security services, in May 2007.
September 2007: Verizon Reverses Decision to Deny NARAL Pro-Choice America Short Code Access
In September 2007, Verizon reversed its controversial decision to deny NARAL Pro-Choice America a short code for texting consumers. The initial refusal, based on the company's right to block "controversial or unsavory" messages, drew criticism.
2007: Verizon Admits to Releasing Customer Data to Government Agencies Without Warrants
In 2007, Verizon admitted to surrendering customer information to government agencies without court orders or warrants 720 times between 2005 and 2007, despite claiming to only fulfill "lawful demands" for information.
2007: Verizon Opens Networks to Third-Party Apps and Devices
In a significant move, Verizon opened its networks to third-party apps and devices in 2007. This decision enabled the company to participate in the FCC's 700 MHz "open access" spectrum auction the following year.
2008: Verizon Criticized for Tax Practices and Layoffs
Public Campaign criticized Verizon for receiving $951 million in tax rebates between 2008 and 2010 while laying off 21,308 workers during the same period. This criticism highlighted concerns about corporate tax practices and their impact on employment.
2008: Verizon Acquires Spectrum in FCC Auction for 4G Service
Verizon acquired a significant portion of national and local licenses for airwaves in the FCC's 700 MHz "open access" spectrum auction, spending $9.4 billion. This acquisition provided the company with the necessary spectrum to launch and expand its 4G service.
2008: Verizon Acquires Rural Cellular Corp. and Alltel
Verizon made two significant acquisitions in 2008, acquiring Rural Cellular Corp. for $2.7 billion and wireless carrier Alltel for $28.1 billion. These strategic moves allowed Verizon to expand its customer base, surpass AT&T in the number of customers, and reach new markets, particularly in rural areas.
May 2009: Verizon Spins Off Wireline Operations to Frontier Communications
In a significant divestiture, Verizon spun off its wireline operations in 14 states (Arizona, Idaho, Illinois, Indiana, Michigan, Nevada, North Carolina, Ohio, Oregon, South Carolina, Washington, West Virginia, and Wisconsin) in May 2009. These operations were merged with Frontier Communications in a deal valued at $8.6 billion.
November 2009: Verizon launched the "There's a map for that" campaign, sparking a legal dispute with AT&T.
In late 2009, Verizon launched its "There's a map for that" advertising campaign, which directly parodied AT&T's popular "There's an app for that" slogan. The ads prominently featured side-by-side comparisons of network coverage maps, positioning Verizon's coverage as superior. This move prompted AT&T to file a lawsuit alleging misleading advertising, but the legal battle was short-lived, with both companies dropping their respective suits later that month.
2009: Verizon Reports Tax Payments Amidst Criticism
Despite facing criticism for tax practices, Verizon reported paying over $11.1 billion in taxes from 2009 to 2011. This disclosure aimed to address concerns about the company's tax contributions.
2009: Verizon partnered with the Ad Council to launch the "That's not cool" campaign against digital dating abuse.
In 2009, Verizon joined forces with the Ad Council, the Family Violence Prevention Fund, and the Office on Violence Against Women to create and launch the impactful "That's not cool" public service advertising campaign. This initiative was specifically designed to raise awareness among teenagers about digital dating abuse and provide them with resources to recognize and prevent it. The ads were strategically placed on Verizon Wireless' Mobile Web service, as well as Verizon FiOS internet and TV platforms, ensuring broad reach among the target audience.
2009: Verizon sponsors Justin Allgaier in NASCAR Nationwide Series
Verizon sponsored Justin Allgaier in the NASCAR Nationwide Series in 2009.
January 2010: Verizon sues FCC over net neutrality rules
Verizon filed a lawsuit against the FCC in January 2010 challenging the commission's net neutrality rules.
February 4, 2010: Verizon Wireless Customers Report Difficulties Accessing 4chan
On February 4, 2010, Verizon Wireless customers began reporting difficulties accessing the online imageboard website 4chan. This event raised suspicions of intentional blocking.
February 7, 2010: Verizon Confirms Blocking 4chan Due to Security Concerns
Verizon Wireless confirmed on February 7, 2010, that they had intentionally blocked access to 4chan.org. The company cited security concerns, stating that sweep attacks were detected from an IP address associated with the 4chan network. Access was restored several days later.
August 2010: Verizon and Google Chairmen Advocate for Limited Net Neutrality
In August 2010, the chairmen of Verizon and Google publicly agreed that net neutrality should be defined and limited, sparking debate about internet regulations.
September 2010: Verizon ended its "Can you hear me now?" campaign.
Verizon's long-running "Can you hear me now?" advertising campaign, featuring actor Paul Marcarelli as "Test Man," came to an end in September 2010. The campaign had been instrumental in establishing Verizon's network reliability in the minds of consumers.
October 2010: Verizon Pays Refunds and Penalties for Data Overcharging
Verizon Wireless paid $77.8 million in refunds and FCC penalties in October 2010 for overcharging 15 million customers for data services. The company attributed the overcharges to accidental errors.
December 2010: Verizon Launches 4G LTE Network
Verizon launched its 4G LTE network in 38 markets and several airports in December 2010, marking a significant step in mobile network technology. The company planned a three-year expansion of the 4G service.
2010: Verizon Criticized for Executive Pay and Layoffs
In 2010, Verizon faced scrutiny for increasing executive pay by 167% for its top five executives while laying off workers. This action sparked criticism and raised concerns about income inequality and corporate priorities.
2010: Verizon partners with Vodafone to become NFL's wireless partner
Verizon and Vodafone partnered to become the official wireless telecommunications partner of the National Football League in late 2010, replacing Sprint.
2010: Verizon sponsors Justin Allgaier in NASCAR Nationwide Series
Verizon sponsored Justin Allgaier in the NASCAR Nationwide Series in 2010.
August 1, 2011: Lowell McAdam Becomes CEO of Verizon
Ivan Seidenberg retired as Verizon's CEO on August 1, 2011, and was succeeded by Lowell McAdam.
December 2011: Verizon Criticized for Tax Avoidance and Executive Pay
In December 2011, Verizon faced criticism from Public Campaign for its tax avoidance strategies. The organization highlighted the company's $52.34 million lobbying expenditure while receiving $951 million in tax rebates between 2008 and 2010, alongside a profit of $32.5 billion. The report also criticized the 167% increase in executive pay for the top five executives in 2010, while 21,308 workers were laid off between 2008 and 2010.
2011: CenturyLink Acquires Qwest
CenturyLink acquired Qwest, formerly known as US West, in 2011, setting the stage for its eventual transformation into Lumen Technologies in 2020.
2011: Paul Marcarelli, the face of Verizon's "Can you hear me now?" campaign, switched to Sprint.
In an unexpected turn of events in 2011, Paul Marcarelli, widely recognized as the "Test Man" from Verizon's iconic "Can you hear me now?" campaign, made a high-profile switch to rival carrier Sprint. Marcarelli's move to a competitor generated buzz within the industry and among consumers.
2011: Verizon Acquires Terremark
Verizon expanded its IT services portfolio by acquiring Terremark, an information technology services company, for $1.4 billion in early 2011.
February 24, 2012: Verizon Reports Tax Payments in SEC Filing
In its Form 10-K filed with the SEC on February 24, 2012, Verizon reported paying over $11.1 billion in taxes between 2009 and 2011. The company also clarified that employment reductions were largely due to a voluntary retirement offer.
June 2012: Verizon Acquires Hughes Telematics and Faces E-911 Service Failure
Verizon acquired Hughes Telematics for $612 million in June 2012, aiming to expand into wireless features for automobiles. However, the same month, the company's E-911 service experienced failures in several areas following a severe storm, prompting an FCC investigation.
August 2012: Verizon's Spectrum Purchase Approved
The Department of Justice approved Verizon's $3.9 billion purchase of Advanced Wireless Services (AWS) spectrum from a consortium of cable companies, including Comcast, Time Warner Cable, and Bright House Networks, in August 2012.
2012: Verizon extends NHL partnership
In 2012, Verizon extended its partnership with the NHL for an additional three years, including new provisions for exclusive content on Verizon's GameCenter app.
2012: FCC Rules Against Verizon's Tethering Fees
The FCC ruled that Verizon must stop charging customers additional fees for using their 4G smartphones and tablets as Wi-Fi hotspots, also known as "tethering." As part of a settlement, Verizon made a voluntary payment of $1.25 million to the U.S. Treasury.
January 2013: FCC Releases Report on Verizon's E-911 Service Failure
The FCC released a report in January 2013 detailing the causes of Verizon's E-911 service failure in June 2012. While Verizon had addressed some issues, the FCC recommended further improvements to prevent future outages.
January 2013: Verizon introduced its "Powerful Answers" campaign, offering $10 million in prizes for solutions to global challenges.
Verizon kicked off its innovative "Powerful Answers" campaign in January 2013, spearheaded by agency McGarryBowen. The campaign's centerpiece was a competition with a substantial $10 million prize pool, challenging individuals to develop groundbreaking solutions to some of the world's most pressing issues. Participants were encouraged to leverage Verizon's cutting-edge cloud, broadband, and wireless network technologies in their submissions.
June 2013: Verizon extends NFL partnership, secures streaming rights
Verizon extended its partnership with the NFL for another four years in June 2013. The new deal, valued at $1 billion, gave Verizon the rights to stream all NFL regular-season and playoff games.
September 2013: Verizon Announces Agreement to Buy Out Vodafone's Stake in Verizon Wireless
Verizon announced its agreement to acquire Vodafone's 45% stake in Verizon Wireless for $130 billion in September 2013. This move aimed to give Verizon complete control over its wireless subsidiary.
October 2013: Verizon Expands LTE Network with Acquired Spectrum
Verizon began expanding its LTE network in October 2013 using the AWS spectrum it had acquired from cable companies, enhancing its network capacity and coverage.
January 14, 2014: FCC's net neutrality rules struck down
On January 14, 2014, the DC Circuit Court of Appeals struck down the FCC's net neutrality rules following a lawsuit filed by Verizon in January 2010.
February 21, 2014: Verizon Completes Vodafone Buyout, Gains Full Control of Verizon Wireless
Verizon completed its acquisition of Vodafone's 45% stake in Verizon Wireless for $130 billion on February 21, 2014. This deal, one of the largest corporate acquisitions ever, gave Verizon Communications full ownership of Verizon Wireless.
March 2014: Verizon becomes title sponsor of the IndyCar Series
Verizon became the title sponsor of the IndyCar Series in March 2014, with the sponsorship lasting through 2018.
June 2014: Verizon launched the "Inspire Her Mind" campaign to promote STEM interest among girls.
In June 2014, Verizon unveiled its impactful "Inspire Her Mind" campaign, a creative initiative spearheaded by agency AKQA. The campaign was strategically designed to ignite and nurture the interest of young girls in the fields of science, technology, engineering, and mathematics (STEM). It aimed to address the gender gap in these fields, highlighted by research from the National Science Foundation, which revealed a significant disparity between girls' initial interest in STEM subjects and the low representation of women in STEM careers.
June 30, 2014: Deadline for Verizon's fiberoptic network rollout in New York City
June 30, 2014, marked the deadline for Verizon to fulfill its cable franchise agreement with New York City, which mandated the provider to extend its fiberoptic network to all households within the city.
October 2014: Verizon launches SugarString, a tech news website
Verizon launched SugarString, a technology news website, in October 2014.
2014: Verizon sues FCC
In 2014, Verizon unsuccessfully sued the FCC in an attempt to gain more control over internet regulations.
2014: Winners of Verizon's "Powerful Answers" campaign were announced at the Consumer Electronics Show.
The winners of Verizon's inaugural "Powerful Answers" competition, which challenged innovators to address global challenges using technology, were unveiled at the prestigious 2014 Consumer Electronics Show. Among the victors were Israel-based TinyTap in the education category, Smart Vision Labs of Newport, Rhode Island, in the healthcare category, and Mosaic Inc. of Oakland, California, in the sustainability category.
February 2015: Verizon rolled out its "Flipside Stories" ad campaign.
In February 2015, Verizon launched its "Flipside Stories" advertising campaign, featuring the catchy #NeverSettle hashtag. The ads employed a creative approach, using dramatized "testimonials" from individuals who either enjoyed the benefits of Verizon Wireless and Verizon Fios services or experienced the downsides of not having them.
May 2015: Verizon settles improper billing investigation
In May 2015, Verizon agreed to a $90 million settlement following federal and state investigations into allegations of improper billing of mobile customers for premium text messages.
August 2015: Verizon launches Hum vehicle monitoring service
Verizon introduced Hum, a service and device designed for vehicle diagnostics and monitoring, in August 2015.
2015: Verizon acquired AOL for $4.4 billion.
In 2015, Verizon acquired AOL for approximately $4.4 billion. This strategic move marked Verizon's entry into the digital media and advertising space.
2015: Verizon Sells Wireless Tower Rights and Acquires AWS-3 Spectrum
In 2015, Verizon entered into an agreement with American Tower Corp., granting the latter exclusive rights to lease, acquire, operate, and manage a substantial portion of Verizon's wireless towers. This deal, valued at $5.1 billion upfront, included the sale of approximately 165 towers. Verizon utilized the proceeds from this sale to support its $10.4 billion purchase of AWS-3 spectrum licenses in an FCC auction.
2015: Verizon Acquires AOL
Venturing into content ownership, Verizon acquired AOL in 2015.
June 2016: Court upholds FCC's net neutrality rules
In June 2016, the United States Court of Appeals for the District of Columbia Circuit upheld the FCC's net neutrality rules, classifying broadband access as a public utility. AT&T and other telecom companies expressed their intent to appeal the decision to the Supreme Court.
August 1, 2016: Verizon acquires Fleetmatics
Verizon acquired Dublin-based fleet telematics company Fleetmatics for $2.4 billion on August 1, 2016, with the goal of developing products for enterprise logistics and mobile workforces.
September 12, 2016: Verizon acquires Sensity to strengthen IoT portfolio
Verizon acquired Sensity, a startup specializing in LED sensors, on September 12, 2016, as part of its strategy to enhance its Internet of Things (IoT) product offerings.
September 2016: Verizon loses naming rights to SNHU Arena
Verizon was no longer the sponsor of the SNHU Arena in Manchester, New Hampshire, after Southern New Hampshire University purchased the naming rights for at least 10 years in September 2016.
2016: Verizon Remains as Legacy of Baby Bells
By 2016, Verizon stood as one of three remaining companies with roots in the former Baby Bells. Similar to Verizon, the other two—SBC Communications (which acquired AT&T Corporation) and CenturyLink (which acquired Qwest and later became Lumen Technologies)—were products of mergers among former Baby Bell entities.
2016: Verizon Sells Wireline Operations in Texas, Florida, and California
Continuing its strategic divestment of wireline assets, Verizon sold its wireline operations in Texas, Florida, and California to Frontier in 2016.
2016: Verizon introduced the slogan "Better Matters" to highlight its network superiority.
In 2016, Verizon adopted the straightforward yet effective slogan "Better Matters," aiming to emphasize the superior quality and performance of its networks. This concise message resonated with consumers seeking reliable and high-quality telecommunications services.
2016: Verizon accused of neglecting copper telephone service
In 2016, the Communications Workers of America accused Verizon of intentionally neglecting the maintenance of its copper telephone service. Leaked internal documents suggested that Verizon was directing technicians to transition voice-only customers to VoiceLink, a wireless alternative, rather than repairing copper lines, even in areas with network issues.
January 2017: Verizon in talks to buy Charter Communications
Reports emerged in January 2017 indicating that Verizon was in discussions with Charter Communications regarding a potential buyout.
February 2017: Verizon acquires XO Communications' fiber-optic network
Verizon completed the acquisition of XO Communications' fiber-optic network business for $1.8 billion in February 2017, expanding its fiber-optic network and 5G capabilities.
April 2017: Verizon strikes fiber optic deal with Corning Inc.
Verizon and Corning Inc. entered into an agreement in April 2017 for Verizon to purchase 12.4 million miles of optical fiber annually from Corning, spanning from 2018 to 2020.
May 2017: Charter Communications rejects Verizon's buyout offer
Charter Communications rejected Verizon's buyout offer around May 2017, deeming it too low. Liberty Media, Charter's largest shareholder, stated they were not prepared to sell.
June 13, 2017: Verizon finalized the acquisition of Yahoo for $4.48 billion.
On June 13, 2017, Verizon completed its acquisition of Yahoo for $4.48 billion. This deal combined two internet pioneers and bolstered Verizon's position in the digital media and advertising landscape.
July 2017: Verizon throttles streaming services
In July 2017, Verizon's mobile network was reported to be limiting streaming services like Netflix and Youtube to a speed of 10 Mbit/s. Verizon claimed this was to "optimize performance" and would not impact video quality.
2017: New York City sues Verizon over cable franchise agreement
New York City filed a lawsuit against Verizon in 2017, alleging that the company had violated its cable franchise agreement by failing to provide a fiberoptic network to all households in the city by the agreed-upon deadline of June 30, 2014. Verizon countered the claims, citing challenges in obtaining landlord permissions for equipment installation and an understanding with the city that the fiber network would align with existing copper lines, which did not necessarily require passing every property.
2017: Verizon CEO confirmed plans to launch a streaming TV service.
Verizon CEO Lowell McAdam confirmed in 2017 that the company was planning to introduce a streaming TV service, leveraging the combined assets of AOL and Yahoo under its newly formed Oath division. This move signaled Verizon's ambition to compete in the growing streaming market.
2017: Verizon launched its "Humanability" campaign to showcase its diversification beyond smartphones.
Verizon launched its "Humanability" campaign in 2017, strategically positioning the company as more than just a smartphone provider. The campaign aimed to highlight Verizon's expansion into diverse revenue streams and cutting-edge technologies beyond the realm of smartphones. This included showcasing its involvement in online advertising, data collection, the Internet of Things, smart cities, telematics, and media, signaling a broader vision for the company's future.
August 1, 2018: Hans Vestberg becomes CEO, Verizon undergoes restructuring
Hans Vestberg assumed the role of CEO at Verizon on August 1, 2018, succeeding Lowell McAdam. Vestberg's strategic direction centered around Verizon's 5G technology. In early 2019, Verizon implemented a reorganization, creating three distinct divisions: Consumer, Business, and Media.
October 2018: Verizon's market capitalization exceeded $229.1 billion.
In October 2018, Verizon's market capitalization surpassed $229.1 billion, reflecting its strong position in the telecommunications industry and investor confidence in its future prospects.
December 10, 2018: Verizon announces managerial layoffs and media division write-off
On December 10, 2018, Verizon revealed that 10,400 managers had opted to exit the company as part of a "voluntary separation program." This program, offered to 44,000 employees, resulted in a workforce reduction of approximately 7%. Concurrently, the company declared a $4.6 billion write-off on its media division, attributing it to heightened competitive and market pressures throughout 2018, which led to lower-than-projected revenues and earnings.
2018: Verizon Connect formed
Verizon Connect was established in 2018, consolidating the company's Telematics, Fleetmatics, and Telogis units into a single entity.
2018: Verizon expands fiber-optic network through acquisitions
Verizon made strategic acquisitions to enhance its fiber-optic network in 2018, including a deal with Corning Inc. for optical fiber and the purchase of WideOpenWest's assets in Chicago.
2018: Verizon's IndyCar Series sponsorship ends
Verizon's title sponsorship of the IndyCar Series ended in 2018.
January 2019: Verizon Rebrands Oath Inc. as Verizon Media
Verizon rebranded its subsidiary, Oath Inc. (formed from the merger of AOL and Yahoo!), as Verizon Media in January 2019. This division was later spun off and reverted to Yahoo! Inc. after its acquisition by Apollo Global Management.
March 2019: Verizon offers free anti-spam and robocalling features
Starting in March 2019, Verizon began offering anti-spam and robocalling features to all customers at no cost.
March 2019: Verizon cited by Better Business Bureau for false advertising
Verizon faced criticism from the Better Business Bureau in March 2019 for ads that falsely suggested their 5G network was readily available.
April 2019: Verizon launches 5G mobile network
Verizon initiated the rollout of its 5G mobile network in April 2019, with coverage expanding to 30 cities by the end of the year. The network utilizes millimeter-wave (mmWave) spectrum, known for its high speeds but limited range and building penetration.
2019: Hans Vestberg becomes CEO, Verizon undergoes restructuring
Hans Vestberg assumed the role of CEO at Verizon on August 1, 2018, succeeding Lowell McAdam. Vestberg's strategic direction centered around Verizon's 5G technology. In early 2019, Verizon implemented a reorganization, creating three distinct divisions: Consumer, Business, and Media.
2019: Verizon began issuing green bonds.
Verizon ventured into the realm of sustainable finance by issuing green bonds, with a total of $5 billion issued between 2019 and 2023. These bonds reflected the company's commitment to environmental sustainability and its efforts to align its financing activities with its environmental goals.
January 14, 2020: Verizon launches OneSearch
Verizon launched its privacy-focused search engine, OneSearch, on January 14, 2020
January 2020: Verizon becomes a founding partner of USA Team Handball
Verizon became a founding partner of USA Team Handball in January 2020, becoming the jersey sponsor for the men's and women's national handball teams. The deal included an option to extend until 2024.
May 2020: Verizon acquires BlueJeans videoconferencing service
In May 2020, Verizon acquired BlueJeans, a videoconferencing service, to bolster its business portfolio, particularly in the unified communications domain. While the acquisition price remained undisclosed, it was estimated to be below $500 million.
May 2020: Better Business Bureau criticizes Verizon's 5G claims
In May 2020, the Better Business Bureau (BBB) criticized Verizon for misleading advertising about its 5G network availability.
September 2020: Verizon announces plans to acquire TracFone Wireless
Verizon unveiled its intention to acquire TracFone Wireless, a subsidiary of Mexican telecommunications company América Móvil, for $6.25 billion in September 2020.
2020: CenturyLink Rebrands as Lumen Technologies
CenturyLink, having previously acquired Qwest, underwent a rebranding in 2020, becoming Lumen Technologies.
2020: Verizon launched its "Citizen Verizon" plan, outlining social and environmental goals, including carbon neutrality by 2035.
In 2020, Verizon took a significant step toward corporate social responsibility by launching its comprehensive "Citizen Verizon" plan. This plan outlined ambitious social and environmental goals, demonstrating the company's commitment to sustainability and social impact. A key element of the plan was a pledge to achieve complete carbon neutrality in its operations by 2035, aligning with global efforts to combat climate change.
2020: Plans for a Verizon-sponsored professional handball league announced
In 2020, plans were announced for a potential American professional handball league sponsored by Verizon, with a projected launch date of 2023.
2020: Verizon expands fiber-optic network through acquisitions
Verizon made strategic acquisitions to enhance its fiber-optic network in 2020, including a deal with Corning Inc. for optical fiber and the purchase of WideOpenWest's assets in Chicago.
November 22, 2021: FCC approves Verizon's acquisition of TracFone Wireless
The FCC granted its approval for Verizon's acquisition of TracFone Wireless on November 22, 2021.
2021: Verizon and AT&T delayed the deployment of their 5G network.
In 2021, Verizon and AT&T made the decision to postpone the rollout of their 5G network due to concerns raised about potential interference with airplane cockpit safety systems.
2021: Verizon sold its media group, including AOL and Yahoo, to Apollo Global Management.
In 2021, Verizon decided to divest its media group, which included AOL and Yahoo, to Apollo Global Management for $5 billion. However, Verizon maintained a 10% stake in the division, indicating a partial retreat from its media ambitions.
2021: Verizon significantly expanded its mid-band spectrum holdings through a C-Band auction.
In 2021, Verizon participated in an FCC C-Band auction and acquired an average of 161 MHz of C-Band spectrum nationwide for $52.9 billion. This acquisition more than doubled Verizon's existing mid-band spectrum, a key asset for deploying 5G services.
2021: Verizon sponsors NASCAR Cup Series race
Verizon sponsored the Verizon 200 at the Brickyard at Indianapolis Motor Speedway during the 2021 NASCAR Cup Series season.
January 2022: Verizon and AT&T launched their 5G network after delays due to safety concerns.
In January 2022, Verizon and AT&T launched their 5G network after delays caused by concerns that the service could interfere with airplane cockpit security systems. The launch followed agreements with the FAA on measures to mitigate risks, including temporary restrictions around airports and the attenuation of 5G signals in specific areas.
2022: Verizon reported earnings of $21.75 billion with a 2.4% revenue increase.
For the fiscal year 2022, Verizon reported earnings of $21.75 billion, accompanied by a 2.4% rise in annual revenue, reaching $136.835 billion. These financial results highlighted the company's continued growth and profitability in a competitive market.
December 2023: Verizon announced plans to open a global center of excellence in Limerick, Ireland.
In December 2023, Verizon revealed its plans to establish a new global center of excellence in Limerick, Ireland, scheduled to open in early 2024. This expansion aims to generate over 400 new jobs within its first two years of operation.
2023: Verizon issued green bonds to support the transition to eco-friendly electrical grids.
In 2023, Verizon issued another round of green bonds, with the proceeds specifically earmarked for projects related to the transition to more environmentally friendly electrical grids. This strategic allocation of funds underscored Verizon's dedication to supporting sustainable infrastructure development and reducing its environmental footprint.
2023: Verizon ranked #26 in the Fortune 500 and #64 in the Fortune Global 500.
In 2023, Verizon secured the 26th position in the Fortune 500 rankings and the 64th spot in the Fortune Global 500, demonstrating its standing as one of the largest and most successful corporations globally.
2023: Projected launch date for the professional handball league
The proposed professional handball league sponsored by Verizon is expected to launch in 2023 with 10 teams.
March 31, 2024: Verizon Reports 114.8 Million Subscribers
As of March 31, 2024, Verizon's mobile network held the title of largest wireless carrier in the United States, boasting an impressive 114.8 million subscribers.
April 2024: Verizon fined for sharing customer data
In April 2024, the FCC fined Verizon nearly $47 million for violating customer privacy by sharing real-time location data without consent.
May 2024: Verizon partnered with AST SpaceMobile to improve cellular and broadband access in remote areas.
In May 2024, Verizon announced a partnership with AST SpaceMobile to leverage their direct-to-cell capabilities. This collaboration aims to enhance cellular and broadband connectivity in underserved, remote regions across the United States.
2024: Potential extension of USA Team Handball partnership
Verizon has the option to extend its partnership with USA Team Handball until 2024.
2024: Verizon's new global center of excellence in Limerick, Ireland is set to open.
Verizon's new global center of excellence in Limerick, Ireland, is set to open in 2024, creating over 400 new jobs in technology and communications.
2026: Verizon to sponsor the 2026 FIFA World Cup
Verizon will be a sponsor for the 2026 FIFA World Cup, providing cellular network access for attendees at stadiums and fan events.
2035: Verizon aims to become completely carbon neutral in its operations.
As part of its commitment to environmental sustainability outlined in its "Citizen Verizon" plan, Verizon has set an ambitious target to achieve complete carbon neutrality in its operations by 2035. This goal reflects the company's recognition of the urgency of climate change and its responsibility to minimize its environmental impact.
