Verizon added more mobile phone subscribers in the fourth quarter than expected thanks in part to its Disney+ promotion. The telecom giant also took another $236 million writedown for its media unit, which includes Yahoo. Details:
Telecom giant Verizon on Thursday reported that it lost 51,000 net pay TV subscribers for its Fios consumer video service in the fourth quarter, compared with a loss of 46,000 in the year-ago period and a loss of 67,000 in the third quarter.
Verizon, led by CEO Hans Vestberg, did not say how many of its users have taken advantage of the telecom giant's deal with Walt Disney's Disney+ streaming service. Management had previously said that the deal has exceeded the firm's expectations. Disney said a day after the service's November launch that it had hit 10 million signups.
Management on Thursday's earnings conference call said it was pleased with the early uptake of Disney+. mentioning that phone net adds and other metrics were higher in the latest quarter. Vestberg also touted the benefits of strategic partnerships like the one with Disney, highlighting that the company had its highest wireless phone net additions since 2013 last year.
Fios, which competes with cable and satellite TV services, ended 2019 with 4.15 million total video subscribers in its consumer unit and 77,000 in its business unit.
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