The company is planning to spin off a number of telecoms businesses to create a new business called “Telecome”.
It has already acquired several smaller telecoms companies that are now part of the new entity.
The company’s plan is to take control of the telecoms firms and merge them with one of the larger companies, giving them more access to data and other services, including the internet.
The merger would be announced in a filing to the Federal Communications Commission.
The merger is a “transformational” move for the company, according to a report from The Wall Street Journal, as it is the biggest shakeup in Verizon’s telecoms portfolio since the company’s founding in 1934.