Verizon (NYSE: VZ) has started to give the cable companies fits with its new fiber-based TV and broadband services. The offering has all of the advantages of cable products and claims to have faster connection speeds. Even if it does not, cable now has direct competition from a company with a hefty balance sheet and plenty of landline and cellular customers who may want to add another service.
Cable did still hold one fortress which was its wiring of large apartment buildings where it could pick up hundreds of customers at a time. There is a breach in the wall around that business now as well.
According to The Wall Street Journal "Verizon’s fiber-optic service, mainly available to suburbanites, is making a big push into Manhattan with a deal to connect an 11,232-unit apartment complex."
If Verizon can duplicate the deal in a number of other very large apartment buildings in it service area, cable will have lost one of its best advantages which was its exclusive access to this kind of real estate.
Douglas A. McIntyre
The Average American Has No Idea How Much Money You Can Make Today (Sponsor)
The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.
But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.