Frontier Communications (NASDAQ: FTR) went through a major transformation in 2016, spending $10.54 billion to buy Verizon‘s (NYSE: VZ) wireline operations in California, Texas, and Florida (CTF).
That purchase more or less doubled the size of the company, giving it the scale to be more competitive in the cable and broadband markets. At least, that was the theory behind the purchase — while in reality, early returns on the deal have not been good.