Verizon Buys Starry, is this the ‘Dan Plan’ unfolding?
Verizon is buying Starry, the small, under-capitalized fixed wireless ISP that went public through a SPAC in March 2022 but ended up bankrupt less than a year later. In this note, we briefly unpack a potential rationale for the purchase, and the size of the potential threat this poses to Cable and other fixed broadband competitors (spoiler alert: its a function of the resources Verizon commits to scaling Starry’s product).Verizon Communications is a holding company. Through its subsidiaries, the company provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The company has two reportable segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business). The company's Consumer segment provides consumer-focused wireless and wireline communications services and products under the Verizon brand and through wholesale and other arrangements. The company's Business segment provides, among others, wireless and wireline communications services and products, video and data services, corporate networking solutions, security and managed network services.
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