Company: Verizon Communications, Inc.
Founders: N/A; company is the result of a merger
Verizon Communications, Inc. is a United States-based telecommunications and broadband company. The company is the result of the Bell Atlantic-GTE merger. The brand is a fusion of the words veritas and horizon.
While Verizon Communications, Inc. was formed primarily from the merger of Bell Atlantic and GTE, the series of mergers leading to its formation involved several companies that had beginnings as early as the later years of the 19th century.
GTE, before the merger, was one of the biggest telecommunications companies in the world; in 1999 its revenues totaled more than $25 billion. Bell Atlantic on the other hand, was even bigger than GTE as its 1999 revenues were more than $33 billion.
The merger of both companies transpired on June 30, 2000. Verizon Communications, Inc. was constituted as a legal corporation in Delaware. The merger had a value of more than $52 billion at the time it was announced. The transaction was made to fuse GTE’s national footprint, long distance expertise and extensive data communications capabilities with Bell Atlantic’s advanced network that had been catering to its considerable data-intensive market that was sprawled from Maine to the Virginias and present a company that could effectively compete in the telecommunication industry’s top tiers.
On April 4, 2000, the wireless joint venture, which was earlier created by the companies Bell Atlantic and Vodafone AirTouch Plc (now known as Vodafone Group Plc), commenced its operations; this kicked off the “Verizon” brand name in the global market.
On February 14, 2005, Verizon agreed to absorb MCI, which was initially known as WorldCom, when SBC Communications acquired AT&T. MCI was then fused into Verizon under the name Verizon Business.
With this fusion and with subsequent profits of $7.4 billion, sales of $75.11 billion, and assets of $168.13 billion, Verizon became the most massive telecommunications company in the US. (This status was taken away when AT&T Inc. merged with BellSouth.)
The company now operates the following network-based corporate units:
- Verizon Wireless
- Verizon’s landline segment
- Verizon Business