Verizon Communications (VZ) - NYSE
  • Tue, Apr. 19, 8:39 PM
    • Yahoo (NASDAQ:YHOO) didn't say anything about its sales process during its Q1 earnings webcast, and swore off giving any updates along the way.
    • But speculation about the shortlist is mostly on the mark, according to the latest from Reuters, which says Verizon's (NYSE:VZ) there (with help from Guggenheim, LionTree, Allen & Co.), along with Yellow Pages owner YP -- which has backing from AT&T (NYSE:T) on the bid, sources said.
    • Japanese online retailer Rakuten (OTCPK:RKUNY) is a new name that's kicking tires as well. Among private equity, Apax Partners, TPG, Bain Capital, Apollo Global Management (NYSE:APO) and Warburg Pincus are all accounted for, and may be allowed to team up in round 2.
    • No two offers were identical, sources said, so Yahoo now must look at the structures, assets and offers to sort out value -- hopefully in time to wrap up in June.
    • SoftBank (OTCPK:SFTBY) and Alibaba (NYSE:BABA) aren't taking part -- but they could get involved with the company after the fate of its core assets is settled.
    • YHOO wrapped an after-hours session up 1.1%.
    • Now read Yahoo: Who's Ready To Take On A Legacy Digital-Native Media Turnaround? »
    | Tue, Apr. 19, 8:39 PM | 32 Comments
  • Mon, Apr. 18, 6:33 PM
    • Verizon (NYSE:VZ) has confirmed that its joint venture with Hearst, Verizon Hearst Media Partners, is acquiring Complex Media in its entirety.
    • Terms of the deal weren't disclosed, though The Wall Street Journal had reported that the venture was close to investing $250M-$300M in Complex.
    • Complex CEO and co-founder Rich Antoniello will continue to run the operation, which has been profitable since 2010.
    • It's a "continuation of our media strategy, which is focused on disruption that is occurring in digital media and content distribution, and involves building a portfolio of the emerging digital brands of the future for the millennial and Gen-Z audience," says Verizon's Brian Angiolet.
    • Formerly print-heavier Complex has in the past two years taken on a video-first approach, drawing more than 50M unique monthly visitors and 300M monthly views.
    • The two expect the deal to close in the next 60 days.
    • Verizon shares had gained 0.7% today; they're down 0.1% after hours.
    • Now read Yahoo's Marissa Mayer Pays Herself »
    | Mon, Apr. 18, 6:33 PM | 4 Comments
  • Mon, Apr. 18, 5:15 PM
    • Verizon (VZ +0.7%) and Hearst are taking their joint venture shopping as they near a $250M-plus investment to acquire publisher Complex Media, The Wall Street Journal reports.
    • After beginning talks in January, the two companies came together in Verizon Hearst Media Partners at the beginning of March. The 50/50 venture focused on drawing millennials to Verizon's video efforts.
    • The first two channels out of the gate for the team-up were RatedRed.com -- its "Vice for the red states" -- and Seriously.TV, a comedy channel with a current events focus.
    • Complex seems a fit with those, with its pop culture focus toward young males.
    • The deal seems close to a full buyout and would value Complex at $250M-$300M.
    • Now read Yahoo's Marissa Mayer Pays Herself »
    | Mon, Apr. 18, 5:15 PM | 1 Comment
  • Sun, Apr. 17, 8:56 PM
    • With tomorrow's deadline arriving for bidders for core assets of Yahoo (NASDAQ:YHOO), the long-shot bid of Time Inc. (NYSE:TIME) won't be among them, as the company decided fixing the business was too big a task, The Wall Street Journal reports. (It would have also faced severe leveraging trying to swallow the business.)
    • With a number of bidders bowing out as expected, Verizon (NYSE:VZ) is indeed a front-runner among the few firms moving forward. Aligning somewhat with a number of other media reports (and rumors), now bowing out for sure are Alphabet (GOOG, GOOGL), Comcast (NASDAQ:CMCSA), AT&T (NYSE:T) and IAC/InteractiveCorp (NASDAQ:IAC), the Journal says.
    • It appears Verizon's biggest competition may come from private equity (Bain Capital, TPG, Advent International), reinforcing the strength of Verizon's bid. It was unclear whether KKR would stay in the bidding, and the Daily Mail (OTCPK:DMTGY) may still be in, but with P-E help.
    • Now read Why Verizon Is The Clear Front-Runner To Buy Yahoo »
    | Sun, Apr. 17, 8:56 PM | 47 Comments
  • Thu, Apr. 14, 5:39 AM
    • Verizon (NYSE:VZ) is considered the front-runner in the bid to buy Yahoo (NASDAQ:YHOO), and appears to have backing from key investors who like the idea of a simple cash deal.
    • AOL CEO Tim Armstrong is said to be offering Yahoo CEO Marissa Mayer a graceful exit and is willing to deal with the messy business of Yahoo mass firings. However, he may lack support to offer enough money to seal the deal.
    • Verizon wants Yahoo's core business. Armstrong also wants Yahoo's 35.5% stake in Yahoo Japan.
    • Meanwhile, SoftBank president Nikesh Arora would seek to acquire the whole of Yahoo. He is currently hanging back to gauge what Verizon’s offer is before he makes a move, sources say.
    • While there will be other bidders, the only real competition is between Verizon and SoftBank.
    • Yahoo has set an April 18 deadline for preliminary bids.
    • Now read How My Arbitrage Play Returned More Than 35% In Less Than Two Months (And What's Next)
    | Thu, Apr. 14, 5:39 AM | 34 Comments
  • Wed, Apr. 13, 2:27 PM
    • With nearly 40,000 Verizon (VZ -1.4%) workers on strike as of this morning, presidential candidate Bernie Sanders drew cheers with a visit to a Brooklyn picket line -- which drew an online rebuke from CEO Lowell McAdam.
    • Sanders thanked strikers for standing up to "just another major American corporation trying to destroy the lives of working Americans." But McAdam showed frustration with what he called "uninformed views."
    • McAdam took issue with Sanders' claims that Verizon wants to "avoid paying federal income taxes," saying "As our financial statements clearly show, we've paid more than $15.6 billion in taxes over the last two years — that's a 35% tax rate in 2015, for anyone who's counting."
    • The industry is changing and Verizon is trying to adapt, McAdam wrote: "Contrary to Sen. Sanders's contention, our proposals do not call for mass layoffs or shipping jobs overseas. Rather, we've asked for more flexibility in routing calls and consolidating some of our call centers, some of which employ a handful of people."
    • Verizon shares have declined from today's open despite an all-day up market.
    • Now read Wall Street Breakfast: Verizon Gets Hit With Major East Coast Strike »
    | Wed, Apr. 13, 2:27 PM | 148 Comments
  • Tue, Apr. 12, 9:06 PM
    • With tensions still simmering, Verizon (NYSE:VZ) workers on the East Coast say they will walk off the job at 6 a.m. tomorrow.
    • The strike, by nearly 40,000 wireline workers represented by the Communications Workers of America and the International Brotherhood of Electrical Workers, will be the largest U.S. work stoppage in years.
    • The unions say that despite record profits, Verizon has pushed for offshoring and outsourcing and has failed to meet network build-out obligations in New York and Philadelphia, as well as slow-playing FiOS in other cities along the Atlantic seaboard.
    • Today, Verizon reiterated its strike readiness plans. "Let's make it clear -– we are ready for a strike," says Verizon's Bob Mudge. "Our primary goal is to ensure our customers can count on the critical communications services that they pay for and we provide. I want them to know that will happen."
    • Workers have been working without a contract since an expiration last August.
    • Now read Verizon Has No Clue »
    | Tue, Apr. 12, 9:06 PM | 86 Comments
  • Mon, Apr. 11, 2:29 PM
    • Wireline employees for Verizon (VZ -1%) have a strike deadline set for Wednesday after months of negotiations failed to bear fruit.
    • Two unions (the Communications Workers of America and the International Brotherhood of Electrical Workers) have set April 13 as a strike deadline as there's been no follow-up to contracts that expired last August. More than 39,000 represented Verizon workers on the East Coast are involved.
    • A work stoppage would affect FiOS TV as well as telephone and broadband. The unions say Verizon has been cutting vital staff for years and plans to do more offshoring and cut job security.
    • The company says it's ready to serve customers in any event and that it's committed to its negotiation objectives. "Verizon has been moving the bargaining process forward, but now union leaders would rather make strike threats than constructively engage at the bargaining table," says Chief Administrative Officer Marc Reed; "We do not take strike threats lightly," said Bob Mudge, president of Verizon's wireline network operations.
    • Now read Verizon Has No Clue »
    | Mon, Apr. 11, 2:29 PM | 30 Comments
  • Fri, Apr. 8, 7:20 PM
    • Mario Gabelli -- who owns shares of both Verizon (VZ +0.4%) and Yahoo (YHOO -0.3%) -- says he'd support a bid by Verizon for Yahoo's core Internet business.
    • "This is pretty simple. It's basically Investment Banking 101," he says of a deal where Verizon takes over Yahoo core assets and works out a deal with Masayoshi Son to sell off Yahoo Japan.
    • "The question is do you want to own Alibaba," Gabelli says -- a company with which he has "some issues" (corporate governance, not fundamentals). The deal can make sense particularly after Verizon took on AOL. "It's $6B -- and they wound up buying a spinoff from Time Warner, it'll fit in nicely with that."
    • Meanwhile, in talking to sources, Re/code's Kara Swisher says Google, Twitter and Facebook are among the suitors unlikely to bid -- the "lookee-loos" of this particular yard sale.
    • Several dozen companies have been named as interested parties, but Swisher says only a handful will be in the running. Google needn't have bothered after organically winning the search war, she writes, and there's little at Yahoo attractive to Facebook.
    • Twitter was more serious, she says, but there's what one source calls a "nearly zero percent change of bidding," for reasons that include a Yahoo integration that would run counter to Twitter's mission to goose growth.
    • Now read Goohoo? Google Bids On Yahoo! »
    | Fri, Apr. 8, 7:20 PM | 28 Comments
  • Thu, Apr. 7, 3:25 PM
    • If Verizon (NYSE:VZ) prevails with a bid for the core business (and Japan assets) at Yahoo (NASDAQ:YHOO), in an amount said to be less than $8B, Tim Armstrong of Verizon's AOL is liable to take charge of the Yahoo operation -- and Marissa Mayer is likely "gone," Bloomberg reports.
    • Of course, a proxy fight is still looming with Starboard, so Mayer and the board could be ousted even if Yahoo holds on to the assets.
    • Marni Walden, Verizon's executive VP, would assist Armstrong in running a combined Yahoo/AOL.
    • A brief jump into positive ground has ended as Yahoo has given back the gains, now down 1.1%.
    • Yesterday, Re/code reported that based on Yahoo's sale "book," the company's financial situation had become "increasingly dire," with revenue and earnings dropping 15% and 20% respectively.
    • Now read Why Activists Succeed - And Why They Will Change Yahoo »
    | Thu, Apr. 7, 3:25 PM | 22 Comments
  • Thu, Apr. 7, 2:58 PM
    • Yahoo (NASDAQ:YHOO) shares have jumped into positive ground, now up 1.2%, on news that Verizon (NYSE:VZ) is proceeding with a bid for its core assets.
    • Shares were down as much as 2.6% today.
    • Alphabet unit Google (GOOG, GOOGL) is also weighing its own bid, Bloomberg reports, with interest also showing up from Bain Capital and TPG. Time Inc. (NYSE:TIME) is still out there as well.
    • AT&T (NYSE:T) and Comcast (NASDAQ:CMCSA) are losing interest, Bloomberg also said, with Microsoft (NASDAQ:MSFT) also deciding it wouldn't bid.
    • Verizon might also put in for Yahoo's Japan interests, the report said.
    • Updated 3:06 p.m.: After a big spike into positive ground, Yahoo shares have gone negative again, -0.1%. Verizon is said to value the core business at less than $8B, vs. Yahoo's hopes for a $10B valuation, and has engaged three banks.
    • Now read Yahoo Should Be At Least $48 A Share »
    | Thu, Apr. 7, 2:58 PM | 30 Comments
  • Wed, Apr. 6, 9:04 AM
    • Verizon (NYSE:VZ) is buying into AwesomenessTV with a minority stake that promises a big mobile video push for the youth-focused content brand.
    • DreamWorks Animation (NASDAQ:DWA) will remain the majority shareholder with 51% of AwesomenessTV, now valued at about $650M by Verizon's move. Verizon will take about a 24.5% stake, equivalent to other minority partner Hearst.
    • It's not just an equity deal, as Verizon wants to bring its Go90 video-service experience to bear in helping AwesomenessTV build a "first of its kind" branded video service with premium transactional content. The new premium service will be exclusive to Verizon platforms in the U.S. with AwesomenessTV holding rights to sell its content elsewhere.
    • AwesomenessTV's founder and CEO Brian Robbins will continue to lead the company along with President Brett Bouttier.
    • The transaction should close within the next 60 days. Verizon is off 0.8% premarket.
    • Now read Is It Time To Take Profits From Verizon Communications? »
    | Wed, Apr. 6, 9:04 AM | 2 Comments
  • Mon, Apr. 4, 7:23 AM
    • March monthly performance was: +6.82%
    • AUM of $1.73B
    • 52-week performance vs. the S&P 500 is: 0%
    • $0.18 in dividends were paid in March
    • Top 10 Holdings as of 2/29/2016: Exxon Mobil Corporation (XOM): 3.58%, AT&T Inc (T): 3.52%, Microsoft Corp (MSFT): 2.95%, Verizon Communications Inc (VZ): 2.84%, Apple Inc (AAPL): 2.7%, Johnson & Johnson (JNJ): 2.34%, General Electric Co (GE): 2.28%, Chevron Corp (CVX): 2.12%, Procter & Gamble Co (PG): 2.03%, Wal-Mart Stores Inc (WMT): 1.92%
    | Mon, Apr. 4, 7:23 AM
  • Sat, Apr. 2, 4:00 PM
    • A month ago, Facebook (NASDAQ:FB) confirmed its interest in live-streaming the National Football League next season. Now it has withdrawn from the bidding, sources say.
    • The key sticking point: Facebook wants its live videos to be commercial-free, and balked at the NFL’s traditional advertising model.
    • The NFL commands a high price for live streaming: in the most recent deal, CBS and NBC each paid about $45M/game for five Thursday night games during the 2016 and 2017 seasons.
    • Facebook CEO Mark Zuckerberg is reportedly obsessed with making Facebook's live-video service a success.
    • The NFL continues to shop digital rights to its Thursday night games. Contenders include: Verizon (NYSE:VZ), Yahoo (NASDAQ:YHOO) and Amazon (NASDAQ:AMZN).
    • Now read Facebook's Oculus Rift: Not Just Games »
    | Sat, Apr. 2, 4:00 PM | 39 Comments
  • Fri, Apr. 1, 7:12 PM
    • Verizon (NYSE:VZ) and AT&T (NYSE:T) have done very well in the face of several challenging months in the mobile market -- which is why MoffettNathanson is downgrading both stocks.
    • The firm reduced its rating on Verizon to Neutral from a previous Buy, and on AT&T to Sell from Neutral.
    • "In the early part of the year, Verizon and AT&T rose sharply even as the market sold off," analysts said, and the past six months have seem "an almost pitch-perfect backdrop" for telecoms with a strong dollar, falling rates and falling risk appetites.
    • Over the past six months, Verizon has appreciated 25.7% and AT&T has gained 20%; over the same period, the S&P 500 is up 7.8%.
    • But device sales are slowing overall, and changes to equipment installment plans and leasing are resulting in stabilizing ARPUs, making the higher ratings unsupportable, the firm says.
    • Verizon looks more promising than AT&T as its subscriber base has held up without aggressive price cutting, and mobile video strategy is going well, while at AT&T, "real growth metrics are much weaker than they appear on the surface."
    • Now read Buy AT&T On Any Fed-Fueled Funk »
    | Fri, Apr. 1, 7:12 PM | 46 Comments
  • Fri, Apr. 1, 12:30 PM
    • Verizon (VZ -0.7%) and Frontier Communications (FTR -2.2%) say they've closed on the $10.5B sale of Verizon's local wireline assets in California, Florida and Texas to Frontier.
    • The operations include broadband, video, voice and FiOS operations in those states, but not Enterprise business or any Verizon Wireless operations.
    • That covers about 3.3M voice connections, 2.1M broadband connections, and 1.2M FiOS video subs along with the local ILEC businesses.
    • Frontier is taking on 9,400 employees from Verizon in the process, and Verizon will use proceeds to pay down debt (it had launched the process after bidding $10.4B in the AWS-3 FCC spectrum auction in early 2015).
    • Now read Verizon Looks Too Frothy And Writing Calls May Be Best Way To Make Income »
    | Fri, Apr. 1, 12:30 PM | 19 Comments
Company Description
Verizon Communications Inc. operates as a holding company, which provides broadband, wireless and wireline communications services to consumer, business, government and wholesale customers. It operates through Wireless and Wireline segments. The Wireless segment provides communications products... More
Sector: Technology
Industry: Telecom Services - Domestic
Country: United States