Verizon Budgets Billions for Fiber-Optic Project
From the Associated Press
Verizon Communications Inc. put a price tag on its ambitious fiber-optic initiative for the first time, estimating it will spend $22.9 billion to rewire more than half of its copper telephone network so it can sell cable TV and fast Internet connections.
The estimate for the FiOS project appeared to be at the lower end of analyst projections.
New York-based Verizon expects to offset the cost with $4.9 billion in savings from now until 2010 because of reduced maintenance needed with a fiber network.
