NEW YORK, July 30 (UPI) -- Verizon Communications Inc. is set for a $5.5 billion pay day provided by its subsidiary Verizon Wireless, the U.S. mobile service giant said.
The $5.5 billion is Verizon Communication's share of a $10 billion pay out with 45 percent going to Vodafone Group PLC, the firm's British partner, The Wall Street Journal reported Saturday.
Sanford C. Bernstein analyst Craig Moffett said declining revenues from Verizon Communications land line operations meant the firm was coming up short on cash needed to pay its shareholder dividends.
"There simply isn't any cash elsewhere in the business to fund the common dividend," Mr. Moffett said.
Vodafone shares on Friday climbed 4.4 percent on the news of the distribution, the Journal said.
