Like Most Americans, Verizon No Longer Interested In Cable

(RTTNews) - Telecom giant Verizon has moved on from looking at cable companies for possible tie-ups, to help grow demand for its wireless data and content products, its Chief Executive Officer Lowell McAdam said.

At a Goldman Sachs conference in New York on Thursday, McAdam said the company is no longer interested in a potential tie-up with Comcast Corp. or Charter Communications Inc.

Instead, he said he has major content deals for Oath subsidiary, the combined AOL-Yahoo entity, in the works. According to him, Verizon is now looking to purchase optical fiber and related hardware to build out its wireless network.

Earlier this year, Verizon explored a possible combination with cable giant Charter, in which Liberty Media owns a big stake. Verizon was also reportedly in deal talks with Comcast, Walt Disney and CBS Corp.

"We've moved on from those [cable] discussions," McAdam said at the conference.

Bloomberg noted that wireless and cable-TV providers have collided in recent years amid changing viewing habits, made-for-streaming content and ever-improving mobile devices.

The demand for cable-TV packages is said to be on a steady decline. The industry also faces threat from the development of fifth-generation wireless services, known as 5G, that could offer blazing-fast internet speeds on smartphones.

Last month, Comcast and Charter reportedly entered into a new arrangement to collaborate on their entry into the mobile market, agreeing to work together on any transaction with a wireless company in the next year.