This excerpt taken from the VZ 8-K filed May 13, 2009.
and Target Increased Broadband Penetration
NEW YORK In a move that will further accelerate the companys focus on wireless, broadband and global IP, Verizon Communications Inc. (NYSE:VZ) today announced plans to divest its local wireline operations serving residential and small-business customers in predominantly rural areas in 14 states and that these operations will be acquired by Frontier Communications (NYSE:FTR).
The transaction is expected to strengthen Frontiers position as a premier rural communications provider and return a total value of $8.6 billion to Verizon and its shareholders, as Verizon continues to transform its growth profile and asset base around the fastest-growing
Verizon News Release, Page 2
parts of its business: wireless, fiber-based wireline (FiOS) and global IP (Internet protocol) networks.