Bloomberg News

Verizon Hasn’t Agreed to Annual Wireless Dividend, Shammo Says

November 17, 2011

Nov. 17 (Bloomberg) -- Verizon Communications Inc. said it hasn’t agreed to an annual payout from its wireless joint venture with Vodafone Group Plc.

Verizon, which controls Verizon Wireless, the largest U.S. wireless operator, wants to clear the remaining $3.1 billion of net debt, Verizon Chief Financial Officer Fran Shammo said today at a conference in Barcelona organized by Morgan Stanley.

The partners this year received the first dividend since 2005 from the venture. Verizon formerly withheld the dividend from the wireless partnership to focus on paying down debt.

“I don’t want debt on Verizon Wireless’s books,” Shammo said. “It’s too premature to set anything.”

--Editors: Robert Valpuesta, Kenneth Wong.

To contact the reporter on this story: Jonathan Browning in Barcelona via jbrowning9@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net


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