Who took over Verizon Fios?
Which Company Acquired Verizon Fios?
Having been in operation since the mid-2000s, Verizon Fios is a fiber-optic communications company providing phone, television, and internet services. Following certain strategic changes announced by Verizon Communications recently, there were questions over who oversees the Fios services. I will discuss in this specific blog post who purchased Verizon Fios and what this implies for customers.
The Short Answer
Verizon Fios is now a division of Verizon Communications Company, which first introduced fiber optic technology in 2005. Still, in 2015 Verizon Communications founded a separate business known as Verizon Media Group, which controls some of Verizon's media assets, while the wire-line and mobile communications services remained run under the Verizon Communications moniker. Verizon Media Group was subsequently sold up completely in 2021. This has no bearing on Verizon Fios consumers or services whatsoever. To put it thus:
- Verizon Fios remains owned by Verizon Communications to date.
- A now-defunct Verizon Media Group once managed some of Verizon products but never Verizon Fios.
- Customers have and will continue receiving the same Verizon Fios services
The Formation of Verizon Media Group
To clear the confusion on who took over Verizon Fios, let us dig back to when Verizon Media Group was formed in 2015. At the time, Verizon was looking to segregate its traditional telecommunications services from its media assets, which are AOL, Yahoo, and other entertainment businesses Verizon had bought.
And so it created Verizon Media Group which brought together brands such as AOL, Yahoo, HuffPost, TechCrunch, and more, but services like Verizon Wireless and Verizon Fios remained under Verizon Communications. The rationale was to enable the media-centered Verizon Media Group to function and advance independently and more rapidly than the massive corporate entity.
Customers did not see much of a change with Verizon Media Group's creation for their cell phone bills or Fios service. Similarly, the fiber optic internet and TV services remained with Verizon Communications. The Verizon branding would be replaced and only those customers using AOL, Yahoo or other Verizon Media Group websites or apps would be aware of the change.
The Verizon Media Group is then sold off.
Fast forward to 2021 when Verizon Communications decided to completely divest Verizon Media Group to Apollo Global Management, a private equity firm. With this, Verizon Media Group was no longer a Verizon-owned company at all. However, its history gives many people wrong impressions that it in some way or the other appropriated services such as Verizon Fios.
However, once more, let me recall it; Verizon Fios was not owned by Verizon Media Group before the sale to Apollo nor was it after the sale. The fiber optic network was initiated and has always been part of Verizon Communications, although the latter has full ownership at the moment. At no point has the ownership change affected Verizon internet or TV customers.
Why the Confusion?
Thus, the question arises as to why the misconception about Verizon Fios ownership still exists. Perhaps because if they heard that a sizable portion of Verizon assets such as Yahoo and AOL was spun off or sold, then some may conclude erroneously that Verizon Fios was part of it. Especially when the Verizon brand was almost overshadowed under the Verizon Media Group icon.
Moreover, local TV and Internet services switch between large telecoms like AT&T and Comcast-NBCUniversal nowadays; therefore, it is unprejudiced to doubt whether ownership shifts occur.
However, Verizon Fios having been launched in Keller, Texas in 2004 up to today has been under the parent company known as Verizon Communications. And that status does not look to change anytime soon given Verizon’s major investments into expanding its fast fiber optic network nationwide.
What Does This Mean for Verizon Fios Customers?
To the millions of Verizon Fios consumers who are getting hooked up to high internet speed, a variety of TV channels including high definition ones, and phone connectivity, such issues of ownership are inconsequential. Sometimes, even when Verizon Media Group was still somehow part of the Verizon conglomerate, it did not alter the Fios product lineup. While media brands adjusted their strategies, Fios services remained largely insular to the rest of Verizon proper.
And now, with what used to be a part of Verizon Media Group having been entirely spun off from Verizon, customers should expect no changes or disruptions in services. You will just continue to deal with the same Verizon for your home internet and Television services.
The only consumers who can identify changes in offerings are those who benefited from member loyalty programs such as Verizon Up which provided its client across brands. Fewer program terms might have changed since Verizon does not own as many media properties as before. However, the provision of speedy fiber optic internet and home phones remains uninterrupted as before.
In conclusion - Verizon Fios services remain in their originating company’s hands as seen above. Thus, we can dismiss any ideas that some of the now-independent Verizon Media Group appeared to take over or buy the multiple fiber optic networks Verizon has developed. Although the company has not changed any kind of ownership in the past, if such a situation were to happen in the future, Verizon is certain to do it with a lot of explanation to its loyal customers. However, as it is now and for the foreseeable future, the Verizon Fios services being delivered by the Verizon company will remain the same.
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