19m | Natalie Bannerman
“Verizon has led the industry in 5G deployment and has been at the forefront of building a strong ecosystem of stakeholders who will continue to drive forward this essential platform for innovation,” said Gina Cacciatore, executive director of network engineering and operations at Verizon.
“This agreement with Crown is an important component of our 5G expansion plans and will advance the infrastructure requirements for many more people to access this revolutionary technology.”
Under the terms of the agreement, Verizon will lease 15,000 new small cells from Crown Castle over the next four years. Once installed, the small cell leases will have an initial term of 10 years.
“We are excited to expand our longstanding strategic relationship with Verizon with this significant small cell agreement,” added Jay Brown, chief executive officer at Crown Castle.
“We look forward to continuing to support Verizon’s growth as they deploy 5G Ultra Wideband and 5G Nationwide, and we believe our ability to offer a comprehensive solution with towers and small cells at scale provides us the best opportunity to deliver value as we support their wireless infrastructure needs.”
In related news, earlier this week Verizon published its Q4 2020 results. The company reported particularly positive results in its wireless service revenue as it was up 2.2% year on year, with revenues of $16.7 billion. Specifically, the wireless unit added 703,000 retail postpaid, 279,000 phone and 442,000 postpaid smartphone customers.
The same was also true for Verizon Media whose revenues were $2.3 billion in the fourth quarter 2020, up 11.4% year on year..