Yahoo Biz reports:
"Verizon Communications will spin off its local telephone exchanges in Maine, New Hampshire, and Vermont, giving control to FairPoint Communications, a telecom carrier specializing in rural and small urban markets, the companies announced Tuesday. ... The $2.7 billion deal will give FairPoint control of 1.5 million telephone access lines, about 180,000 DSL customers, and about 600,000 long-distance customers, Verizon said in a press release....After the sale, Verizon stockholders will own about 60 percent of a new company formed by merging the current FairPoint and the Verizon operations."
Meanwhile, VZ is losing its interest in Venezuela as Chavez takes electric, phone, TV and radio under government control for his Simon Bolivar socialist program. [This is a political aside: Citgo is Venezuelan gas. The US spends billions on Venezuelan oil so that Chavez can spreads anti-American rhetoric throughout the region - Nicaragua, Cuba, Bolivia, and Argentine. Now Chavez is working with Iran.]