California, Nevada and South Carolina Approve Frontier Acquisition of Verizon Local Wireline Operations

California, Nevada and South Carolina Approve Frontier Acquisition of Verizon
Local Wireline Operations
State Regulators Give OK Following Frontier Shareowners' Approval of
Transaction on Oct. 27

BASKING RIDGE, N.J., Oct. 29 /PRNewswire/ -- State regulators in California,
Nevada and South Carolina this week approved the acquisition of the local
wireline operations of Verizon Communications Inc. (NYSE: VZ) serving
residential and small-business customers in all or parts of those states by
Frontier Communications Corporation (NYSE: FTR).

These state regulatory approvals follow an Oct. 27 announcement by Frontier
that its shareowners have approved the transaction, which will result in
Frontier owning Verizon's wireline operations in all or parts of 14 states.

At the federal level, the Federal Trade Commission and the U.S. Department of
Justice granted the parties' request for early termination of the waiting
period required under the Hart-Scott-Rodino Antitrust Improvements Act of
1976.

The Public Utilities Commission of Nevada and the Public Service Commission of
South Carolina both unanimously approved the transaction on Wednesday (Oct.
28). Unanimous approval by the California Public Utilities Commission came
Thursday (Oct. 29).

"Regulators in California, Nevada and South Carolina have acted in the best
interest of consumers in approving the acquisition," said Timothy McCallion,
president of Verizon's West region. "This transaction will further each
company's strategic focus, and it holds numerous benefits, including increased
broadband availability, for consumers and small businesses in the states whose
operations are being acquired by Frontier.

"We believe that other state regulators and the Federal Communications
Commission will agree, as they complete their reviews over the next few
months," said McCallion.

On May 13, Verizon announced plans to divest its local wireline operations
serving residential and small-business customers in predominantly rural and
small to medium-sized areas in 14 states, and that Frontier would acquire
these operations.

The operations Frontier will acquire include all of Verizon's local wireline
operating territories in Arizona, Idaho, Illinois, Indiana, Michigan, Nevada,
North Carolina, Ohio, Oregon, South Carolina, Washington, West Virginia and
Wisconsin. In addition, the transaction will include a small number of
Verizon's exchanges in California, including those bordering Arizona, Nevada
and Oregon.

The transaction is expected to strengthen Frontier's position as a
communications and broadband provider in rural and small to medium-sized
markets as Verizon continues to transform its growth profile and asset base
around the fastest-growing parts of its business -- wireless, fiber-based
wireline (FiOS) and global IP (Internet protocol) networks.

Frontier, based in Stamford, Conn., has a highly successful track record of
acquiring, operating and investing in rural communications properties,
including wireline assets purchased from Verizon between 1993 and 2000.
Frontier had approximately 2.3 million access lines in 24 states as of Dec.
31, 2008, and provides an array of services, including local and long-distance
voice, broadband data and video.

As of year-end 2008, the Verizon operations served approximately 4.8 million
local access lines; 2.2 million long-distance customers; 1.0 million
high-speed data customers, including approximately 110,000 FiOS Internet
customers; and 69,000 FiOS TV customers.

The Federal Communications Commission and state regulators in Arizona,
Illinois, Ohio, Oregon, Washington state and West Virginia also must approve
the transaction. In addition, Frontier has received cable television
franchise approval from 10 of the 41 communities the company will serve in
Oregon and Washington state.

Verizon Communications Inc. (NYSE: VZ), headquartered in New York, is a global
leader in delivering broadband and other wireless and wireline communications
services to mass market, business, government and wholesale customers.
Verizon Wireless operates America's most reliable wireless network, serving
more than 89 million customers nationwide. Verizon also provides converged
communications, information and entertainment services over America's most
advanced fiber-optic network, and delivers innovative, seamless business
solutions to customers around the world. A Dow 30 company, Verizon employs a
diverse workforce of more than 230,000 and last year generated consolidated
revenues of more than $97 billion. For more information, visit
www.verizon.com.

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NOTE: This news release contains statements about expected future events and
financial results that are forward-looking and subject to risks and
uncertainties. For those statements, we claim the protection of the safe
harbor for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. The following important factors could affect
future results and could cause those results to differ materially from those
expressed in the forward-looking statements: the effects of adverse
conditions in the U.S. and international economies; the effects of competition
in our markets; materially adverse changes in labor matters, including
workforce levels and labor negotiations, and any resulting financial and/or
operational impact, in the markets served by us or by companies in which we
have substantial investments; the effect of material changes in available
technology; any disruption of our suppliers' provisioning of critical products
or services; significant increases in benefit plan costs or lower investment
returns on plan assets; the impact of natural or man-made disasters or
existing or future litigation and any resulting financial impact not covered
by insurance; technology substitution; an adverse change in the ratings
afforded our debt securities by nationally accredited ratings organizations or
adverse conditions in the credit markets impacting the cost, including
interest rates, and/or availability of financing; any changes in the
regulatory environments in which we operate, including any loss of or
inability to renew wireless licenses, and the final results of federal and
state regulatory proceedings and judicial review of those results; the timing,
scope and financial impact of our deployment of fiber-to-the-premises
broadband technology; changes in our accounting assumptions that regulatory
agencies, including the SEC, may require or that result from changes in the
accounting rules or their application, which could result in an impact on
earnings; our ability to successfully integrate Alltel Corporation into
Verizon Wireless' business and achieve anticipated benefits of the
acquisition; and the inability to implement our business strategies.

SOURCE Verizon

Harry Mitchell, +1-304-344-7562, harry.j.michell@verizon.com, or Jon Davies,
+1-805-372-6969, jon.davies@verizon.com