money digest


Costs hurt Verizon's Q1

Telecommunications giant Verizon Communications said Monday that it now serves close to 1 million video customers. Reporting a lower first-quarter profit because of merger costs and divestitures, the company said it added 141,000 net subscribers to its FiOS TV service, which competes with cable operators, in the first quarter, bringing its total reach to 348,000 FiOS TV users. In addition, it reported 618,000 satellite TV customers under a partnership with DirecTV Group. Verizon also said the growth of FiOS TV is accelerating as it averaged about 2,200 net customer additions each business day in first-quarter 2007, up by about 750 from the fourth quarter. FiOS TV now is available in more than 400 communities in 10 states.

Telecom Italia Media up on talk

ROME — Shares of Telecom Italia Media jumped 5% in unusually heavy trading Monday as interest in the company that owns the La 7 network and MTV-Italia surged on speculation that it might be sold off by Spain's Telefonica, which during the weekend acquired control of the Italian broadcaster's parent company, Telecom Italia. With the market in Italy closed Tuesday for the May 1 holiday, overall trading was light and lackluster, with the spike in Telecom Italia Media shares the highlight of the trading day. Telefonica is the lead partner in a group that paid €4.1 billion ($5.6 billion) for control of the former Italian state telecom monopoly.
comments powered by Disqus