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- 1 month ago
- Verizon Communications said it has agreed to buy TracFone, a provider of wireless prepaid services, in a deal worth up to $7 billion in cash and stock, further consolidating the U.S. cellular market.
- TracFone, a unit of Mexico’s América Móvil SAB has about 21 million prepaid customers in the U.S. under its namesake brand as well as StraightTalk and Net10. The company doesn’t run its own physical network in the U.S. and instead rides on other cellphone carriers’ systems for a fee and then resells service under its own brands.
- The move plunges Verizon VZ 1.46% deep into the prepaid market, a sector it has largely avoided by catering to more lucrative customers who pay for wireless service after it is rendered. Customers on prepaid plans tend to switch providers more often, which operators consider a risk.
- 1 month ago
- South Korean tech giant Samsung has clinched a network equipment supply deal with US carrier Verizon. The contract for wireless telecommunication solutions between Samsung Electronics America and Verizon Sourcing LLC is worth around $6.6 billion.
- The size of the deal is equivalent to 3.43% of Samsung Electronics' 2019 full-year sales of 230 trillion won. The contract will expire on 31 December 2025.
- The confirmed deal is likely Samsung Network's biggest contract to date and larger than the business' annual sales, which South Korean analysts put at around 4 to 5 trillion won.
- 3 months ago
- Verizon said on Thursday it is pulling advertising on Facebook until the company “can create an acceptable solution that makes us comfortable.”
- A company spokesperson said the pause applies to both Facebook and Instagram. It comes as marketers including Ben & Jerry’s, Patagonia and REI have also said they plan to pause advertising on the platforms.
- Facebook’s stock was down nearly 2% Thursday evening.
- According to marketing analytics company Pathmatics, Verizon spent an estimated $406,600 in Instagram ads between May 22 and June 20. The firm said Verizon spent $1,460,300 on Facebook in that same time period.