Verizon CFO – Cable Joint Venture is Over
By
| October 18, 2013
For the cable circle, the big news that came out of Verizon’s 3Q conference call Thurs isn’t its FiOS-driven 40% YOY profit growth, but the termination of Verizon Wireless’ innovation technology jv with cable companies. “We are moving in our separate ways on that,” CFO Fran Shammo said. The JV, which ended in late Aug, was created in Dec ’11 as part of Verizon Wireless’ spectrum purchase from a group of cable MSOs—Comcast, Time Warner Cable, Bright House and Cox. Here’s Verizon’s reason for the move and more on the company’s financials.
More top stories from today’s CableFAX Daily:
Time Warner Cable and CBS may have settled their retrans spat, but the problems that created the month-long blackout impacting more than 3mln TWC customers are far from over. So says a 13-page letter to the FCC from TWC.
Sen Ted Cruz (R-TX) dashed hopes for Senate confirmation of FCC chmn nominee Tom Wheeler Wed night.
Mike Hopkins made his hire as Hulu’s new CEO official Thurs, sending a note to staffers expressing his excitement about the job.