Verizon Sheds Landlines in 14 States

NEW YORK -- Verizon Communications(VZ Quote) said it has reached a deal to shed its traditional telephone line business in 14 states in a deal worth $8.6 billion.

Frontier Communications(FTR Quote), based in Stamford, Conn., will be taking over the Verizon's assets in an all-stock deal, the companies say.

The deal gives Frontier 4.8 million access lines to residential and small business customers and narrows Verizon's focus on wireless, broadband and Internet service.

The deal includes all of Verizon's wireline assets in Arizona, Idaho, Illinois, Indiana, Michigan, Nevada, North Carolina, Ohio, Oregon, South Carolina, Washington, West Virginia and Wisconsin as well as some assets in California.