Verizon Communications has settled its contract dispute with multimedia company Hearst Television, Reuters reported citing a statement by the company’s representative.
Notably, Verizon (VZ) had earlier warned its Fios customers that the Hearst channels might go dark from Jan. 1, due to “the unreasonably high rates” demanded by the broadcaster group. Though the terms of the deal were not disclosed, it was reported that Hearst Television has started broadcasting its channels on the telecom giant’s fiber-optic networks in the US, including Boston and Baltimore since Jan. 1.
Verizon’s representative said in an emailed statement that, “Verizon Fios has been able to reach an agreement with Hearst Television.” According to Verizon’s representative, the settlement agreement also covers markets in Manchester, New Hampshire, and the Pennsylvania cities of Harrisburg and Pittsburgh, in addition to Boston and Baltimore.
Verizon Fios customers can view Hearst TV’s channels like WBAL-NBC in Baltimore, WGAL-NBC in Harrisburg, WTAE-ABC in Pittsburgh, WCVB-ABC and WMUR-ABC in Boston/Manchester.
On technical fronts Verizon Communications stood at 40.79 and currently stock is trading below all moving averages. So, SELL position can be taken with following target and stoploss:
TRADE SIGNAL – : Verizon Communications – SELL: 58.75, TARGET: 58.44, STOPLOSS : 58.94