Verizon Communications Announces Common Stock Repurchase Authorization

Full Transparency

More of our content is being permanently logged via blockchain technology starting [10.23.2020].

Learn more

We're committed to building trust.

Going forward more of our content will be permanently logged via blockchain technology—enabling us to provide greater transparency with authoritative verification on all changes made to official releases.

Learn more

NEW YORK -- Verizon Communications Inc. (NYSE:VZ) announced today that its Board of Directors has authorized the corporation to repurchase up to 100 million shares of its common stock.

The board also determined that no additional shares may be acquired under a previously approved program to repurchase up to 80 million shares. Under the previous program, which was due to end Feb. 28, 2006, approval remained to purchase approximately 62.6 million shares.

Approximately 2.93 billion shares of Verizon common stock are outstanding following the merger with MCI, Inc.

Under the plan approved today by the board, Verizon's senior officers have the option to repurchase shares for the corporation over time, with the amount and timing of repurchases depending on market conditions and corporate needs. The company may also, from time to time, enter into a Rule 10b5-1 plan to facilitate repurchases of its shares under this authorization. A Rule 10b5-1 plan permits the company to repurchase shares at times when it might otherwise be prevented from doing so, provided the plan is adopted when the company is not aware of material non-public information.

The authorization to repurchase shares terminates when the aggregate number of shares repurchased reaches 100 million or at the close of business on Feb. 28, 2008, whichever is earlier.

Verizon Communications Inc. (NYSE:VZ), a Dow 30 company, is a leader in delivering broadband and other communication innovations to wireline and wireless customers. Verizon operates America's most reliable wireless network, serving 49.3 million customers nationwide; one of the most expansive wholly-owned global IP networks; and one of the nation's premier wireline networks, serving home, business and wholesale customers. Based in New York, Verizon has a diverse workforce of approximately 250,000 and generates annual consolidated operating revenues of approximately $90 billion. For more information, visit www.verizon.com.

####

Related Articles

02.15.2021

Virtual Reality (VR) has begun to transform medicine in profound ways. VR solutions are being used to train doctors and to plan and practice operations.

10.23.2020

Verizon’s military discounts site shows everything you need to know about Wireless offers, FiOS savings and military career opportunities, all in one place, making it simple for service members and veterans to discover what Verizon has to offer.