Verizon Signs Deal With DirecTV

Verizon Communications Inc., the largest U.S. local-telephone company, said it would offer DirecTV satellite television programming to its customers to help stem a decline in demand for local calling.

Verizon and Hughes Electronics Corp.’s DirecTV, the largest U.S. satellite-television provider, soon will jointly sell television products with Verizon’s phone services, the companies said. Terms were not disclosed. Hughes is a unit of General Motors Corp.

Separately, Verizon said 21,600 employees accepted severance packages, allowing the company to cut staff 9.8% as it battles to contain costs.

Verizon stock rose 13 cents to $32.74 and GM dropped 39 cents to $41.88. Both are traded on the NYSE.