Verizon plans to offer FiOS TV in Philadelphia

Thu. December 04, 2008; Posted: 06:02 AM

Dec 04, 2008 (TELECOMWORLDWIRE via COMTEX) -- VZ | Quote | Chart | News | PowerRating -- Verizon Communications (NYSE:VZ) , a provider of broadband and other wireline and wireless communications, announced on Wednesday (3 December) that the company has informed the Philadelphia City Council Committee on Public Property and Public Works that it is 'ready, willing and able' to install its FiOS TV to over 600,000 households throughout the city of Philadelphia in the US.

Verizon's FiOS TV is delivered over an all-fibre-optic network direct to the customer's home. This network delivers an all-digital FiOS TV line-up of approximately 500 channels, including over 100 high-definition (HD) channels and a growing library of over 11,000 video-on-demand titles each month, including more than 1,000 HD titles.

The company plans to bring fibre optics directly to every house in Philadelphia. The proposed 15-year franchise agreement is reportedly the largest investment made by a telecommunications company in Philadelphia.

Under the agreement Verizon's fibre-to-the-premises network would be deployed throughout the entire city within seven years of the franchise ordinance's effective date. The franchise fees payment will be equivalent to 5% of gross revenues on cable TV service. The company will also pay to the city of Philadelphia USD2.0m for a technology and education fund.

Other provisions of the proposed franchise agreement include payment of USD9.2m in grants to support the city's public, education and government access channels.

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For full details on Verizon Communications (VZ) click here. Verizon Communications (VZ) has Short Term PowerRatings of 5. Details on Verizon Communications (VZ) Short Term PowerRatings is available at This Link.

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