Discover the key milestones in the history of Verizon Communications, one of the largest telecommunications companies in the world. This timeline highlights Verizon's major developments, from its founding in 2000 through mergers, acquisitions, and technological advancements that have shaped its growth and transformation in the global telecommunications industry.
On March 16, 2022, Verizon announced the expansion of its 5G Ultra Wideband network, bringing high-speed internet to over 100 million people in the United States. The 5G Ultra Wideband service provided faster internet speeds and better connectivity compared to previous technologies. This launch was a significant milestone in Verizon's efforts to lead the transition to advanced 5G networks nationwide.
On May 3, 2021, Verizon Communications announced the sale of its media division, known as Verizon Media, to Apollo Global Management for $5 billion. The division included brands like Yahoo and AOL, which Verizon had acquired in previous years. This sale marked Verizon's exit from the digital media business, allowing it to concentrate more on its technology and telecommunications services.
On March 30, 2020, Verizon announced the sale of HuffPost to BuzzFeed as part of a larger deal to acquire a minority stake in BuzzFeed. This move came as Verizon sought to streamline its media assets and focus on its core business operations. The sale was consistent with Verizon's ongoing restructuring strategy to divest non-essential divisions and optimize its media segment.
On October 1, 2018, Hans Vestberg officially took over as CEO of Verizon Communications. Vestberg, who joined Verizon in April 2017, previously served as the CEO of Ericsson and brought with him vast experience in telecommunications and network technologies. His appointment marked a strategic shift at Verizon, with a focus towards expanding the company's 5G wireless network and enhancing its technology infrastructure.
On April 3, 2017, Verizon announced the creation of Oath Inc., a new subsidiary that would house both the Yahoo and AOL brands, along with other Verizon digital enterprises. The rebranding was part of Verizon's efforts to create a diverse media and digital communications entity. However, the Oath brand would eventually be phased out as Verizon refocused its media strategy in the later years.
On July 25, 2016, Verizon Communications announced its agreement to buy Yahoo's core internet business for approximately $4.83 billion in cash. This acquisition aimed to strengthen Verizon's digital media presence by combining Yahoo's assets with AOL, which Verizon had earlier acquired. The deal included Yahoo's search engine, email service, and other digital content, furthering Verizon's transformation into a media and tech company.
On May 12, 2015, Verizon Communications announced its plan to purchase AOL for $4.4 billion. AOL was a notable internet and media company, and the acquisition was made to bolster Verizon's digital content and advertising platform. This move was seen as part of Verizon's strategy to diversify its revenue streams beyond traditional telecommunications services by investing in digital media and video.
On February 21, 2014, Verizon Communications finalized the acquisition of Vodafone's 45% stake in Verizon Wireless for $130 billion. This deal marked one of the largest acquisitions in the telecommunications industry, giving Verizon full control over its wireless operations. The transaction enhanced Verizon's financial stability and provided it with greater flexibility in the rapidly evolving wireless market.
In January 2006, Verizon launched FiOS Internet, a fiber-optic internet service that offered very high-speed internet access to consumers. This service was one of the first fiber-to-the-home internet services, bringing much faster download and upload speeds compared to traditional DSL and cable internet services. FiOS was a competitive move by Verizon to capture the high-speed internet market and ensure better service delivery to its customers.
On February 14, 2005, Verizon Communications announced its acquisition of MCI Inc. for $6.75 billion. MCI was one of the largest telecommunications companies at the time, and this purchase allowed Verizon to expand its reach in the business and government sectors, enhancing its communications infrastructure and long-distance network. The acquisition was a strategic move to compete more robustly against other major telecommunications companies.
On June 30, 2000, Bell Atlantic Corp and GTE Corp completed a massive merger, valued at $52 billion, forming one of the largest telecommunications companies in the United States. This merger led to the creation of Verizon Communications Inc., which inherited the telecommunication businesses of both companies. The merger allowed Verizon to become a major player in local, wireless, and long-distance telecommunications, and set the stage for its future expansions.
That's every defining moment so far. New events are added only when the reporting warrants it.
Discover commonly asked questions regarding Verizon Communications. If there are any questions we may have overlooked, please let us know.
When did Verizon acquire Yahoo, and for how much?
What significant acquisition did Verizon make in 2015?
What was the purpose of Verizon's launch of 5G services, and when did it happen?
When was Verizon Communications founded?