NEW YORK - In a move to enhance fan experiences and operational efficiencies across National Hockey League (NHL) venues, Verizon has renewed its multi-year sponsorship with the NHL, the company announced Thursday. The agreement reaffirms Verizon as the League's Official 5G Partner, Official Wireless Services Partner, and Official Mobile Edge Computing Partner in the United States.
Under the terms of the renewed partnership, Verizon Business is set to deploy its Private 5G Wireless Network in select NHL arenas, with plans to expand to additional venues in future seasons. This advanced network technology aims to improve game day operations and introduce new solutions for the sport, leveraging 5G's high speed and low latency to enable features like wireless replay review iPads for officials and enhanced video coaching capabilities.
Verizon's 5G Ultra Wideband network is also expected to be deployed across NHL arenas, offering fans ultra-fast connectivity to augment their in-arena experience. The network will allow for quick video downloads, live streaming, and real-time fantasy team management, aiming to create a more immersive and interactive environment for attendees.
As part of the sponsorship, fans will get to experience Verizon's latest venue improvements during the 2024 Navy Federal Credit Union NHL Stadium Series on February 17 and 18 at MetLife (NYSE:MET) Stadium. The event will showcase multiple Verizon activations, including the New Amsterdam Vodka® NHL PreGame, featuring tailgating activities, charging stations, and a chance for Verizon customers to win upgraded seats and exclusive access to amenities.
The partnership extension underscores Verizon's commitment to shaping the future of sports entertainment, with innovations like cashierless checkout and enhanced stadium connectivity. These efforts are part of a broader trend in leveraging technology to transform the fan experience in live sports settings.
Verizon Communications Inc. (NYSE, Nasdaq: NYSE:VZ), a leading provider of technology and communications services, reported revenues of $134.0 billion in 2023.
The information in this article is based on a press release.
InvestingPro Insights
As Verizon Communications Inc. (NYSE: VZ) continues to expand its technological footprint in the sports industry through its renewed NHL partnership, the company's financial health remains a key factor for investors. With a solid market capitalization of $168.8 billion, Verizon stands as a substantial player in the telecommunications sector. The company boasts a price-to-earnings (P/E) ratio of 14.54, reflecting investor expectations of future earnings potential. Notably, the adjusted P/E ratio for the last twelve months as of Q4 2023 is even more attractive at 9.58, suggesting a potentially undervalued stock in comparison to its earnings.
Verizon's commitment to shareholder returns is evident through its dividend history. An InvestingPro Tip highlights that Verizon has not only raised its dividend for 19 consecutive years but has also maintained dividend payments for an impressive 41 consecutive years. This consistency is complemented by a significant dividend yield of 6.63%, making it an attractive option for income-focused investors.
Despite a slight revenue decline of -2.09% in the last twelve months as of Q4 2023, Verizon has managed to maintain a strong gross profit margin of 59.09%. This demonstrates the company's ability to retain profitability even amidst challenging market conditions. Moreover, Verizon's stock has experienced a large price uptick over the last six months, with a total return of 25.37%, indicating growing investor confidence.
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