Any idea what else is going to be sold off? Towers have been mentioned earlier this year???
The company added in the filing it plans to cease the use of certain property assets and exit “non-strategic portions” of some businesses. This will result in asset and business rationalisation charges of between $230 million to $380 million
I wouldn't be surprised Basking Ridge will be next. I have heard rumors of subletting a large sections of the complex due to the vacant offices and WFH. I can see VZ moving their HQ to Irvine, TX a tax friendly state. Many corporate firms have been making the same moves.
NY? Wasn’t the Boston office supposed to be the new home for most executives?
Funny fact about VZ Connect. AT&T used Telogis to track all their techs until it was acquired by Verizon. That was the major motivation behind AT&T Connect or I don’t believe they would have developed their own product. Maybe would have tried to private label and wholesale Telogis.
VZ Connect is next. They have been working on this for a while now, and it’s the main reason most of the leadership has departed.
Real Estate
https://fortune.com/2024/09/12/verizon-eliminate-5000-employees-2-billion-cost-cutting/
VBG is on the selling block but they can't get anyone to buy it since it's a disaster. Look for Kyle to exit soon.
VZ Connect is next? Wild guess simply based on VZ’s track record on exits, which were mostly business from an acquisition. Such as Terramark, Yahoo/Aol, Edgecast, Oncue (aka. Go90), Bluejeans.
I wish there was a laughing emoji to use for the id--ts like the last commentor.
Basking Ridge will be exited. A portion will relocate closer or in New York City. The rest will be relocated to Irvine, TX. This is scheduled for Q2 next year.
wireline will be sold
Miami Building go sold already $55Million, yesterday leadership showcased some pictures of what new building will look like, we just don't know where