Verizon (VZ) Reviewing NFL Partnership and Other Sponsorship Deals to Cut Costs

Core Viewpoint - Verizon Communications Inc. is reviewing its sponsorship expenditures, including a significant partnership with the NFL, as part of a broader cost-cutting initiative under new CEO Daniel Schulman [2][5]. Group 1: Sponsorship Review - Verizon is evaluating its spending on sports and music sponsorships, which exceeds $250 million annually [5]. - The review includes discussions about potentially scaling back or exiting its partnership with the NFL, valued at over $1 billion [3][5]. - A company spokesperson indicated that leaving the NFL partnership was not the company's objective, while the NFL expressed its commitment to the ongoing relationship [4]. Group 2: Cost-Cutting Measures - The review of sponsorships is part of a larger cost-reduction strategy initiated by the new CEO, who took over in October [5]. - The company has already implemented significant layoffs, eliminating approximately 13,000 jobs, to simplify operations and address customer losses [5].