VZC Verizon Comms

RNS Number:1556Z
Verizon Communications
25 July 2002
                                UNITED STATES

                      SECURITIES AND EXCHANGE COMMISSION

                            WASHINGTON, D. C.  20549


                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934

                          Date of Report July 25, 2002
                       (Date of earliest event reported)

                           VERIZON COMMUNICATIONS INC.
             (Exact name of registrant as specified in its charter)

                                    Delaware
                 (State or other jurisdiction of incorporation)


Delaware                             1-8606                    23-2259884
State or other jurisdiction   (Commission File Number)         (IRS Employer 
of incorporation                                           Identification No.)

1095 Avenue of the Americas, New York, New York                   10036
            (Address of principal executive offices)          (Zip Code)


        Registrant's telephone number, including area code (212) 395-2121


Item 5.  Other Events.

Attached as an exhibit is a press release issued by Verizon Communications Inc.
on July 25,2002.

Item 7.  Financial Statements and Exhibits.


(c)   Exhibits.

      99        Press release dated July 25,2002, issued by Verizon
                Communications Inc.
                     

                                   SIGNATURE

            Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized on the date indicated.

                                      Verizon Communications Inc.
                                          (Registrant)

Date:  July 25, 2002                 /s/ Marianne Drost
                                         Marianne Drost
                                         Senior Vice President, Deputy General
                                         Counsel and Corporate Secretary
 
                     EXHIBIT INDEX

EXHIBIT NUMBER      DESCRIPTION
99                  Press release dated July 25, 2002, issued by Verizon
                    Communications Inc.


                                                          EXHIBIT 99

                                                    CONTACT:
                                                    PETER THONIS
                                                    212-395-2355
                                                    peter.thonis@verizon.com



                VERIZON ANNOUNCES DECISION REGARDING GENUITY

 
NEW YORK -- Verizon Communications Inc. (NYSE:VZ) today announced that it has
informed eBusiness network service provider Genuity Inc. that it will not
reintegrate Genuity into the company. The decision by Verizon followed a
detailed review and was based on a variety of factors, including market
conditions and Verizon's business needs. 

Verizon said that it intends to continue its commercial relationship with
Genuity, including its ongoing five- year purchase commitment. Verizon also said
it currently plans to continue using Genuity's Internet-based backbone services,
and Verizon will continue to work with Genuity to provide voice-over-IP
(Internet protocol) services for businesses. In addition, Verizon will continue
to use Genuity services to supplement its network in states where Verizon offers
long-distance and Internet services. 

Verizon has exercised its right to convert its current ownership into shares of
Class A common stock constituting just under 10 percent of Genuity's capital
stock. As a result, Verizon no longer has the right to convert to a controlling
position, which would have represented approximately an 80 percent interest. In
addition, Verizon will not be obligated to make further loans to Genuity.
Verizon said it will be supportive of negotiations that Genuity conducts with
its banking group.

Verizon said it would discuss the accounting impact of its actions when it
announces quarterly earnings on July 31.

(BACKGROUND: As part of the proposal to the Federal Communications Commission by
GTE and Bell Atlantic to approve their merger creating Verizon in July 2000, GTE
agreed to sell to the public a 90.5 percent equity interest in Genuity, its
wholly owned subsidiary. Genuity was originally known as GTE Internetworking. As
part of the restructuring of Genuity's equity just prior to the initial public
offering, GTE obtained the right, which could be exercised under certain
circumstances, to convert its shares into a controlling position in Genuity.) 

Verizon Communications (NYSE:VZ) is one of the world's leading providers of
communications services. Verizon companies are the largest providers of wireline
and wireless communications in the United States, with 133.8 million access line
equivalents and approximately 29.6 million wireless customers. Verizon is also
the largest directory publisher in the world. With more than $67 billion in
annual revenues and nearly 248,000 employees, Verizon's global presence extends
to more than 40 countries in the Americas, Europe, Asia and the Pacific. For
more information on Verizon, visit www.verizon.com 

ON THE INTERNET: Verizon news releases, executive speeches, biographies, media
contacts and other information are available at Verizon;s News Center on the
World Wide Web at www.verizon.com/news. To receive news releases by e-mail,
visit the News Center and register for customized automatic delivery of Verizon
news releases.
 



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            The company news service from the London Stock Exchange
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