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Washington D.C. – Verizon’s newly announced $20 billion cash acquisition of Frontier Communications — “the largest pure-play fiber internet provider in the U.S” – portends potential rate hikes on millions of subscribers under a further consolidation of the telecom industry, a review from government watchdog Accountable.US found. The deal will combine Frontier’s 2.2 million fiber internet subscribers in 25 states with Verizon’s 7.4 million FiOS subscribers in nine states and D.C. Verizon – and follows T-Mobile’s announced plans in May to acquire wireless carrier U.S. Cellular, four years after T-Mobile completed its merger with Sprint in April 2020.  Verizon has repeatedly raised rates on its customers in just the past few years, including on many of the company’s legacy cellular plans. 

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We know further consolidation of the telecom industry will leave millions of consumers paying higher rates, because it’s already happening. If recent history is any judge, telecom giants like Verizon will exploit dwindling competition under mergers and acquisitions to price-gouge families to pad profits. An even smaller telecom industry oligopoly only invites more greedy behavior and eliminates any incentive to provide better service and rates."

Accountable.US’ Liz Zelnick

Accountable.US has previously called on federal investigators to investigate whether the planned $4.4 billion merger between telecom giants T-Mobile and U.S. Cellular will come at the expense of consumers. 

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