Report: Verizon Shedding Landline Biz?

At least five million of Verizon's 48 million landlines appear to be up for sale in an effort to focus more on wireless and broadband, the Wall Street Journal said Wednesday. The company hopes to raise as much as $8 billion in order to fund its other projects, including its FiOS project and a possible buyout of Vodafone's stake in Verizon Wireless.

The first group includes 1.6 million lines in Vermont, New Hampshire and Maine, with a possible value of $2 to 3 billion. The second group involves former GTE lines in Indiana, Ohio and Michigan, with an expected value of $4 to $5 billion.

Both sales are for areas that Verizon does not plan to upgrade to fiber-based lines, which allow the company to offer more services. The WSJ's sources say the sales still have a chance to fall through before they are completed, and the identity of any interested parties was not revealed.

The article mentioned two possibilities, including CenturyTel and Citizens Communications.

However, a sale would open up options for Verizon. The fiber upgrade process is expected to cost some $20 billion by its completion. Additionally, any buyout of Vodafone could set the company back as much as $40 billion, executives believe.

Verizon has declined to comment on the situation.