Frontier Communications (NASDAQ: FTR) has released information pertaining to its effort to speed up broadband deployment in places like Oregon and Washington State. The investment required to bring about these changes and boost the broadband deployment in these areas is in no way cheap. In fact, as per the press releases by the company, it has invested a total of $37 million to disseminate and augment its broadband services in Oregon and $40 million to do the same in Washington State.
In 2010, Frontier Communications acquired plenty of Verizon property. After this acquisition, the company has focused all of its efforts on ensuring that its services are made better and customers receive the service that they pay for.
As a condition of the acquisition in 2010, Frontier put more than $15 million into escrow in Oregon. Since then, the Oregon Public Utilities Commission has released all of the escrow funds barring a mere $400,000. The primary objective here is that Frontier Communications hopes to “deploy broadband to un-served and under-served areas and to relieve Internet congestion.” The Senior Vice President for Frontier, who is also the General Manager for Oregon and Washington, Rich Klena, has confirmed that the company is “keenly aware of the importance of broadband to Oregon and Washington State.” He also stated that the company has done what it initially set out to do and will continue the good work in Oregon and Washington.
A similar deal in Washington state saw an investment of more than $40 million by Frontier since 2010. The Washington Utilities Transportation Commission has just released all of the remaining escrow funds, which came up to $25.6 million in accordance with the provisions of the deal.
About Frontier Communications Corporation
Frontier Communications is a FORTUNE 500 company and also a certified S&P 500 company. Dealing mainly in broadband services, voice services, satellite video, entertainment services, data solutions, wireless Internet data access and allied services, the company is well known for offering bundles designed for residential use, small businesses and medium to large businesses, as well as home businesses in more than 27 states.
While Frontier Communications provides key data and entertainment services, it is also one of the most actively traded companies listed on the NASDAQ exchange. Frontier shares closed at $4.66 per share, which is down by 2% or $0.10 since the last trading session.
Other mid-cap companies that are on the list of the most actively traded companies on NASDAQ today include ON Semiconductor (NASDAQ: ONNN) with market capitalization of $2.76 billion trading at $6.05 per share, and Ancestry.com (NASDAQ: ACOM) with market capitalization $1.35 billion trading at $31.44 per share. Ancestry.com share prices have risen by $2.26 per share or 7.8% in this trading session.