Nov. 5 (UPI) -- With the 5G revolution coming soon, Verizon will restructure its business to create separate entities for consumers, businesses and its media group.
It's a move by newly appointed CEO Hans Vestberg to position the company for the launch of 5G networks. The Consumer Group will be include wireless and wireline businesses, including wholesale. It will be led by Ronan Dunne, the current executive vice president and president of Verizon Wireless.
"We're building on our network transformation efforts and the Intelligent Edge architecture to deliver new customer experiences and optimize the growth opportunities we see as leaders in the 5G era," Vestberg said.
The changes go into effect in January.
The Verizon Business Group will serve small and medium size businesses. It will be led by Tami Erwin, currently the executive vice president of Wireless Operations.
Verizon's Media Group/Oath will help people access entertainment, gaming, news, commerce and other services. It will be led by Guru Gowrappan, previously the CEO of Oath.
Verizon's Global Network & Technology organization will serve all company operations and will be led by Kyle Malady.
No changes were made for company-wide functions.
Vestberg, who previously worked as CEO of Ericsson AB, took over as Verizon CEO on Aug. 1. He's made 5G the center of the company's strategy.
The wireless business alone accounts for $23 billion in revenue in the third quarter, or about 72 percent of total revenue.
Verizon and other carriers haven't indicated how they will price 5G wireless plans but analysts say it will be an opportunity for increased revenue.
"We would not be surprised to see more, higher-usage plans introduced as 5G comes along, offering higher price points for the customers who want the best service," JPMorgan Chase & Co. analysts wrote in a note.