Verizon is reportedly exploring options to sell thousands of its mobile network towers in the US, people familiar with the matter told Bloomberg.
According to sources, the telecom giant already hired advisers to look for potential buyers for roughly 5,000 to 6,000 cell towers scattered across the US.
(Photo : Justin Sullivan/Getty Images)
The sale is estimated to generate Verizon at least $3 billion as it poses to increase investments in other services and departments as it did when it sold 11,000 towers to America Tower in 2015.
The sources did not name any potential buyer as the sale deliberations are still in preliminary stages, although Verizon expects infrastructure firms and "strategic buyers" to be among its primary bidders.
Verizon Leverages Generative AI in Data Service Operations
While sources did not give the exact reason for the sale, Verizon's recent financial decisions indicate a pattern of where the company intends to head soon.
Earlier in June, Verizon CEO Hans Vestberg hinted at plans of adopting generative AI into their customer service operations 'so I can match your call with the right agent."
Vestberg claimed utilizing the technology, which first gained popularity in late 2021, could help the company retain 100,000 customers.
Using generative AI, however, would require the company to invest huge sums of money, a resource Verizon is facing difficulties as it struggles with its billion-dollar debt.
Selling cell towers is nothing new with telecom companies with AT&T, which at the time is at its highest debt in years, finalizing a similar deal in 2013 to upgrade its network to lead wireless data services.
Also Read: Verizon Leans Towards AI to Adopt Growing Internet Demands
Verizon Selling its Cell Towers: How it Will Affect Customers?
Short answer: not much.
Even if Verizon sold off its cell towers, Verizon customers can still access the data network in the area as the company will most likely still lease the tower to continue its services.
It is also highly unlikely that connection quality would change, although the repair response may vary depending on the selected buyer.
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