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Who Is The Founder Of Verizon?

The founder of Verizon launched the biggest global communications technology company Verizon delivering the promise of a Digital world! We all know Verizon Communications is an American telecommunications and broadband company. In today’s post, I will reveal who is the founder of Verizon.

Who Is The Founder Of Verizon?

The founder of Verizon is Verizon Communications and Vodafone Group. It is a corporate component of the Dow Jones Industrial Average. The company’s headquarters are located in Midtown Manhattan, New York City but is currently incorporated in Delaware.

You can keep on reading further to know more about who is the founder of Verizon Communications.

About The Founder Of Verizon

Most people don’t know what was Verizon called before. Verizon Communications was earlier known as Bell Atlantic. This name got changed in June 2000 when the Federal Communications Commission approved the $64.7 billion merger with GTE. This approval came with 25 stipulations to preserve competition between local phone carriers. The company was headed by co-CEOs Charles Lee( the former CEO of GTE) and Bell Atlantic (CEO of Ivan Seidenberg).

Verizon later became the largest local telephone company in the United States. It operated over 63 million telephone lines in 40 states! However, the company even inherited 25 million mobile phone customers. In fact, the company also offered internet services and long-distance calling in New York.

Let us have a look at Verizon’s history. The name Verizon is derived from the combination of the words “veritas” and “horizon”. This name was chosen from 8,500 candidates. However, the company spent over $300 million dollars on marketing this new brand.

Before the FCC gave final approval, Bell Atlantic formed Verizon Wireless. It is a joint venture with the British telecommunications company Vodafone. The companies established Verizon Wireless as their own business operated company by Bell Atlantic. This deal was valued at approximately $70 billion dollars! It helped to create a mobile carrier with 23 million customers.

The founder of Verizon Wireless merged Bell Atlantic’s wireless network named Vodafone’s AirTouch and PrimeCo. The company was able to offer national coverage at competitive rates. It also released Mobile Web which is an internet service that allowed customers to access websites. People got easy access to E*Trade, ABC News, ESPN, Amazon.com, Ticketmaster, and MSN. It even gave customers a free phone with every two-year service contract.

Later on, Verizon Wireless also launched the mobile content service VZW with MSN and a phone which utilized the Microsoft Windows OS. In 2000, over 85,000 Verizon workers went on an 18-day labor strike after their union contracts got expired. This strike highly affected the company’s revenue. However, this strike didn’t involve all company employees.

In 2002, Verizon Communications launched a 3G service. This network service doubled the Internet speed of the time to 144kb per second! Later on, the company started offering local, long-distance, and mobile calling services along with Internet services. All these services were only available to customers in New York and Massachusetts.

While in 2019, Verizon reported a net worth of $19.265 billion with annual revenue of $131.868 billion. The company shares are traded at $45 per share. However, its market capitalization was valued at over $229.1 billion in 2018.

Know More Information about the Founders on Seefounder.

FAQ

Who Owned Verizon Before Verizon?

Bell Atlantic Corp.

Verizon Communications was created on June 30, 2000 by Bell Atlantic Corp. and GTE Corp., in one of the largest mergers in U.S. business history. GTE and Bell Atlantic evolved and grew through decades of mergers, acquisitions and divestitures.

How Did Verizon Get Its Name?

The word Verizon (pronounced vurr-EYE-zon) was selected from more than 8,500 names. The new name comes from the Latin word “veritas,” which means truth, and also connotes certainty and reliability; and “horizon,” which signifies the possibilities ahead.

Is Verizon Owned By AT&T?

AT&T acquired select Alltel, Unicel, and Verizon Wireless properties, including licenses, network assets and approximately 1.6 million subscribers in 79 service areas across 18 states.

What Was Verizon’s Original Name?

Bell Atlantic

Bell Atlantic changed its name to Verizon Communications in June 2000, when the Federal Communications Commission approved the US$64.7 billion merger with telephone company GTE, nearly two years after the deal was proposed in July 1998.

Conclusion

For more than 20 years, Verizon is on the 20th number in the Fortune 500 listings of corporations in the United States. The founder of Verizon offers Internet, traditional landline phone, Home Security, and other services across the United States.