Verizon Confirms Plan to Sell Certain Wireline Assets, Cell Towers

Verizon confirmed plans to sell a package of wireline assets and cellphone towers in separate deals that will net the telecommunications giant more than $15 billion. Verizon said it would sell its local wireline operations in California, Florida and Texas to regional telecommunications company Frontier Communications for about $10 billion, concentrating its wireline assets on the East Coast where it intends to focus on further penetrating the market for its FiOS business. The wireline sale would pare back Verizon’s role selling telephone and Internet service to residential customers and businesses. The company is the largest US wireless operator by subscribers and sees that market as the key to its future. Selling local telephone service also is highly regulated. Verizon will also lease and sell a set of wireless towers to American Tower Corp. for $5 billion and will use some of the proceeds to buy back $5 billion in stock.