Lumen Technologies Inc Stock Price, News & Analysis

Lumen Technologies (NYSE: LUMN) has appointed Kate Johnson as its new President and CEO, effective November 7, 2022, succeeding Jeff Storey, who will retire after 40 years in the telecommunications industry. Johnson, previously leading Microsoft U.S., is recognized for driving business transformations and growth. The succession plan has been in place for several years, with confidence expressed in Johnson's leadership to enhance Lumen's strategic initiatives and customer experiences. Storey will assist with the transition until December 31, 2022.

Lumen Technologies will present at the Goldman Sachs Communacopia + Technology Conference on September 15, 2022, with CEO Jeff Storey scheduled to speak at 10:45 a.m. PT. A live webcast of the presentation will be available on Lumen's Investor Relations website. Lumen, known for its extensive fiber network, aims to enhance technology to improve business and community experiences across more than 60 countries. Investors can find more details and the webcast link on the Investor Relations site.

Brightspeed has secured over $90 million in grants to expand its gig-speed fiber network to 38,000 locations across 29 counties in North Carolina. The funding is part of the state's GREAT grant initiative aimed at enhancing broadband access in underserved areas. Brightspeed, the top recipient in a competitive process with over 300 applicants, plans to build 800,000 fiber-enabled locations over time, significantly improving internet service and accessibility. The investments are aligned with their mission to bridge the digital divide.

Lumen Technologies will present at the BofA Securities 2022 Media, Communications and Entertainment Conference on September 7, 2022, starting at 11:20 a.m. PT. Chris Stansbury, CFO, will lead the presentation, which can be accessed via a live webcast on Lumen's Investor Relations site. Lumen operates approximately 450,000 route fiber miles and serves customers in over 60 countries, focusing on advancing technology to enhance both work and life. For further details, visit Lumen's website.

Brightspeed has unveiled plans to expand its fiber optic network in Indiana, targeting over 50,000 potential customers by the end of 2023. This initial phase includes 20 counties and a commitment of at least $2 billion to improve broadband access across rural areas, ultimately reaching over 120,000 locations. Brightspeed aims to enhance internet speed and reliability through a next-generation FTTP architecture that offers speeds exceeding 1 Gbps. The company has secured all necessary regulatory approvals and expects to finalize its acquisition by APO in early Q4 2022.

Lumen Technologies (NYSE: LUMN) has launched Lumen SASE Solutions, an all-digital platform for purchasing, configuring, and managing secure access service edge (SASE) solutions. This initiative aims to streamline the experience for IT and security leaders facing challenges in a distributed workforce. Customers can select from multiple vendors and receive support through the Lumen Marketplace and SASE Manager. The partnership with companies like Fortinet and VMware enhances service offerings, positioning Lumen to meet modern cybersecurity needs.

Brightspeed plans to expand its fiber optics network, targeting up to 24,000 potential customers in Illinois and Michigan by the end of 2023. In Illinois, 14,000 new fiber passings in Knox County will be established, with a goal of 45,000 total passings in subsequent years. In Michigan, over 10,000 new passings will be added initially, aiming for 24,000 total. The company is investing at least $2 billion in its network transformation and has secured necessary regulatory approvals for its operations across 20 states. The project aims to enhance broadband in underserved areas.

The FCC has approved Lumen Technologies' sale of its ILEC business in 20 states to Brightspeed, managed by Apollo. This transaction, valued at $7.5 billion, is expected to close early in Q4 2022, following customary conditions. Brightspeed will invest in an expanded fiber optics network, aiming to reach up to three million homes and businesses over five years, enhancing broadband access in underserved areas. Lumen retains operations in 16 states and continues to develop its national fiber routes.

Lumen Technologies (NYSE: LUMN) has declared a quarterly cash dividend of $0.25 per share, set to be paid on September 9, 2022. Shareholders of record as of August 30, 2022 will receive this dividend, with the ex-dividend date on August 29, 2022. This move underscores Lumen's commitment to returning value to its investors.