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Verizon Loses 84,000 Pay TV Subscribers, Virus Crisis Hits Media Unit

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Telecom giant Verizon on Friday reported that it lost 84,000 net pay TV subscribers for its FiOS consumer video service in the first quarter, compared with a loss of 55,000 in the year-ago period and a loss of 51,000 in the fourth quarter.

The company cited "the ongoing shift from traditional linear video to over-the-top offerings," saying it ended March with 4.07 million consumer video connections.

Verizon reported a 68,000 decline in postpaid phone subscribers, which are users who pay a monthly bill, amid store closures affecting about 70 percent of its stores due to coronavirus lockdown measures led to a "significant drop" in customer activity.

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