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Tag: Verizon

Verizon said to be looking to unload money-losing HuffPost

September 29, 2020
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| money

HuffPost anchor Caroline Modarressy-Tehrani appears at the 2019 Verizon Media NewFront on April 30, 2019 in New York City.


Getty Images

Verizon has been quietly scrambling to unload HuffPost as it grapples with continued losses at the left-leaning news and culture website, The Post has learned. 

The telecom giant — which acquired the site formerly known as the Huffington Post as part of its $4.4 billion purchase of AOL in 2015 — has approached multiple digital-media companies during the past few months in a bid to get the property off its books as losses accelerate due to the coronavirus, according to sources close to the situation.

Verizon
VZ,
-0.20%

has pitched the property to prospective buyers including Thrillist-owner Group Nine Media, Rolling Stone publisher Penske Media Corp., Bustle Digital Media and J2 Global, insiders said. Those media outlets declined to comment.

Vox Media, which owns New York Magazine and operates

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Verizon Stock Seems To Have Peaked After Its 20% Recovery

September 29, 2020
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American multinational telecommunications conglomerate...

NEW YORK CITY, UNITED STATES – 2020/02/20: American multinational telecommunications conglomerate … [+] Verizon store logo seen in New York City. (Photo Illustration by Alex Tai/SOPA Images/LightRocket via Getty Images)

SOPA Images/LightRocket via Getty Images

We believe there may be better opportunities than Verizon stock (NYSE: VZ) at the present time. VZ trades at $59 currently and is at par with the levels seen at the beginning of this year. It traded at a pre-Covid high of $60 in February and has almost fully recovered to that level now. Also, VZ stock has gained around 21% from the low of $49 seen in March 2020, with the company focusing on investment in 5G expansion and tying up with Disney, which is expected to lower the subscriber churn rate. In view of its recent rally since March, we believe that the stock is close to its near-term potential and will likely

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Verizon, AT&T Reach $116 Million California Settlement | California News

September 26, 2020
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| business

By DON THOMPSON, Associated Press

SACRAMENTO, Calif. (AP) — The nation’s largest cellphone providers will pay a combined $116 million under a settlement approved Thursday in a California lawsuit alleging that they overcharged government customers for wireless services over more than a decade.

Verizon will pay $68 million and AT&T Mobility $48 million to settle claims that they violated cost-saving agreements included in wireless contracts with state and local governments. Sprint and T-Mobile previously agreed to pay a combined $9.6 million.

Attorneys who filed the suit said it is the second-largest California False Claims Act settlement outside of the health care industry.

The California Attorney General’s Office decided not to sue after its own investigation of the government contracts in California and Nevada, said Verizon spokesman Rich Young, so a whistleblower sued in 2012 using a provision of the act that allows for such independent lawsuits on the state’s behalf.

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