The Mixed Up M&A Message of Verizon’s CEO

Verizon CEO Lowell McAdam spent much of the past two years explaining why he didn’t need to acquire a big media company as part of his diversification strategy for the telecommunications giant. Then this week, he tore up the old playbook and invited the heads of CBS, NBC, and ABC to give him a call.

Investors and analysts were left a bit stunned and unsure quite how seriously to take McAdam’s new tack. But the idea that Verizon suddenly needed to make a massive acquisition along the...

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