UPDATE: Verizon Plans to Acquire EdgeCast Networks

Driving to deepen and enhance its video delivery and Web services capabilities, Verizon today announced a definitive agreement under which the company will acquire EdgeCast, an industry leader in content delivery networks. Verizon Digital Media Services will integrate EdgeCast complementary capabilities to further improve and increase its ability to meet the exponential growth in online digital media content, as well as broaden its portfolio of site acceleration services for digital enterprises. The Verizon and EdgeCast boards of directors have approved this acquisition and Verizon hopes to finalize it in early 2014. Verizon's financial adviser for this acquisition was LionTree Advisors LLC. "The combination of EdgeCast and Verizon Digital Media Services will allow us to fully exploit and accelerate growth in Internet media consumption and online business performance," said Bob Toohey, president of Verizon Digital Media Services. "EdgeCast's industry-leading technology and strategically placed assets, combined with Verizon Digital Media Services' video solutions, improves our ability to deliver the rich, reliable and quality digital media services that our customers have come to expect." EdgeCast has more than 6,000 accounts and serves some of the world's leading Web brands for