Verizon History Essay

1446 words - 6 pages

Chapter III History of Verizon Verizon Communications was formed by the $65 billion merger of Bell Atlantic and General Telephone and Electronics (GTE) in June of 2000 and is now one of the world's leading providers of high-growth communications services. "We will be a world-class competitor able to bring innovative telecommunications services to customers across the country,"1 says Charles R. Lee, at the time GTE chairman and chief executive officer of GTE. Lee was also designated chairman and co-chief executive officer of the merged company. This is the goal of the newly formed company, to compete by bringing new ideas into the market, for the customers. Ivan Seidenberg, Bell Atlantic chairman and chief executive officer also was designated president and co-chief executive officer of Verizon. He says, "We look forward to creating the next great brand in communications, one that will set the standard for global communications companies,"1 that is a foundation that a company can begin to build it's future on.The merger was as Lee says, "a great day for Bell Atlantic and GTE"1; however something great never comes without a price. Verizon had to act in accordance with 25 regulatory conditions for the deal, which the Federal Communications Commission (FCC) designed to improve local phone competition in the companies combined services areas. One of which said that they could not provide long distance service for the first five years thus forcing them to begin local competition with other challengers for market share. "The end result should produce more competition not less,"2 says FCC chairman, William Kennard."Verizon is the largest providers of wireline and wireless communications in the United States, with more than 132 million access line equivalents and over 29 million wireless customers."3 Verizon, also the world's largest provider of print and online directory information is a Fortune 10 company with more than 247,000 employees. Verizon's global company reaches to 45 countries in the Americas, Europe, Asia and the Pacific. To understand this company we must look to the past where Verizon came from, Bell Atlantic and GTE.GTE was the largest of the "independent" telephone companies during the days of the Bell System. They provided local telephone service in a large number of areas of the U.S. It was also a holding company, owning numerous local telephone properties throughout the US, from California to Virginia. They also operated in Canada via controlling interest in subsidiary companies such as BC TEL and Quebec Tel. They also owned Automatic Electric, a telephone equipment supplier. GTE had recently acquired Sprint, a low-cost long distance carrier, in 1983. By the end of 1985 United Telecom had more than 4,700 miles of fiber optic network in place, with lines in reach of 30% of the nation. With development costs affecting net earnings, United Telecom decided to share the burden by forming a project partnership with GTE. That project ended in...

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