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Stratton takes over both the wireless and wireline businesses as former Verizon Wireless CEO Dan Mead prepares for retirement.
Frontier Communications will pick up parts of Verizon's landline business, while American Tower will pick up the rights to 11,300 cellular towers.
The company is close to selling off parts of its wireline business and cellular towers for $10 billion so it can focus on its core wireless service, The Wall Street Journal reports.
It plans to use the $2 billion from Frontier Communications to invest in its Project VIP initiative -- a rollout of an all-IP, wireless cloud network.
The carrier lost $2.38 billion in the quarter thanks to charges related to its wireline assets and its brand.
The company has been working to diversify beyond its personal-computer chips business. Last year's focus was on wearables.
Most of AT&T's customer gains in the fourth quarter came from its non-smartphone business.
In a surprise move, Sprint counters its industry brethren by saying the FCC's plan won't prevent it from further investing in its broadband network.
With a vote looming on new rules for Internet access, Tom Wheeler talks candidly with CNET News in an exclusive interview about legal challenges, President Obama's role and being the butt of late-night TV jokes.
Commentary: After years of delay, the FCC seems poised to switch vendors for the local telephone number portability database. That could be a big mistake.