WNYT.com

Verizon sees few changes to US wireless business

Updated at: 09/03/2013 9:05 AM
By JOSHUA FREED

Verizon Wireless says it’s aiming to keep its network quality high even after it spends $130 billion to buy out a big stake from Vodafone.

Verizon Chairman and CEO Lowell McAdam says that Verizon’s U.S. wireless businesses are working well now, and that he will go slow in making any changes in the way it’s structured.

The company says it will still bid in future auctions for the frequencies that handle cell phone traffic.

Verizon Communications Inc., based in New York, is buying back the 45 percent of its wireless business that was owned by Vodafone PLC. The deal will let Verizon keep more of the profits from the cell phone business.

Company shares slid almost 5 percent to $45.09 in premarket trading.

(Copyright 2013 by The Associated Press. All Rights Reserved.)