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Wednesday, September 17, 2014

Verizon's CFO says company open to divesting cell tower assets, (NYSE: VZ)

Verizon Communications Inc is open to divesting its network's assets including its cell towers, the company's chief financial officer told investors at a conference in Los Angeles on Wednesday. Fran Shammo said the company was inspired by rival AT&T's $4.85 billion sale of some of its towers to tower operator Crown Castle last year, which preserved AT&T's right to lease and operate the towers for about 28 years.

Verizon Communications Inc. (Verizon) is a holding company. Shares of VZ traded higher by 0.63% or $0.3075/share to $49.27. In the past year, the shares have traded as low as $45.45 and as high as $53.66. On average, 13116100 shares of VZ exchange hands on a given day and today's volume is recorded at 5748753.