Verizon Doesn’t Want to Buy Any More Cable Companies
McAdam said on Thursday at the Goldman Sachs Communacopia Conference that Verizon is more interested in building up its fiber infrastructure.
“We did, I guess, about a year ago, go through a process of taking a look at cable companies. But the fiber infrastructure isn’t there,” McAdam said.
In April, Verizon agreed to buy optical fiber from Corning (GLW) for at least $1.05 billion over the next three years to improve its network infrastructure.
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McAdam said at the conference on Thursday the company would be acquiring content for its Oath business and a content deal is expected by the end of September.
McAdam said the company expects cost savings of $10 billion over four years from operating expenses and capital expenses, which would fund their dividends in 2022.
Shares of the company were marginally down at $47.06 in morning trading.