AMOVF - Verizon pledges three years of low-cost Lifeline support to seal TracFone deal

Verizon (VZ) is telling regulators it will continue supporting subsidized, low-cost wireless service for three years if it's permitted to buy TracFone (AMX). TracFone serves about 21M U.S. customers, some 1.7M of which use the Lifeline federal subsidy for low-income phone users. And Verizon's deal (for up to $6.9B) to buy TracFone has drawn criticism from the CWA and public interest groups for a lack of specifics around Lifeline support. But Verizon tells the WSJ it's committing to keep up the service for three years in any geography where TracFone provides it, and it will provide 5G service to Lifeline customers within six months of the deal's closing as well.

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Verizon pledges three years of low-cost Lifeline support to seal TracFone deal