Verizon Nearing Deal for Frontier Communications

Verizon is in advanced talks to acquire Frontier Communications in a deal that would bolster the company’s fiber network to compete with rivals including AT&T. A deal would be sizable, given Frontier’s market value of over $7 billion. The company, cobbled together by several deals over the years, provides broadband connections to about three million locations across 25 states. Verizon, the top cellphone carrier by subscribers, has faced increased pressure from competitors and from cable TV companies that offer discounted wireless service backed by Verizon’s own cellular network. Verizon will be under pressure from shareholders to justify any big purchase after the company paid more than $45 billion to secure 5G-friendly wireless spectrum licenses and spent billions more to use them. Executives have said they are focused on trimming the telecom giant’s leverage to put it on a firmer financial footing.