Frontier Communications is "donating" money to UConn

[jostar1]

According to this story, Frontier Communications is going to donate $512,500 to the UConn men's and women's basketball teams. Jepson put the squeeze on them. We need all the money we can get.


"Frontier Communications, which plans to acquire AT&T's Connecticut wireline and U-Verse businesses later this year for $2 billion, has pledged to invest $63 million in infrastructure and freeze basic landline and broadband pricing for three years, officials announced Tuesday.

Attorney General George Jepsen and Consumer Counsel Elin Swanson Katz negotiated the agreement, which has been filed with the state regulatory body that has yet to sign off on the acquisition — the Public Utilities Regulatory Commission.

Frontier has also promised to make $500,000 per year in donations to Connecticut charities; donate $512,500 to the UConn men's and women's basketball teams; and buy a $75,000 sponsorship to the Connecticut Open tennis tournament in New Haven."

http://www.hartfordbusiness.com/article/20140812/NEWS01/140819974

 

[Skiblets]

Ransom fee. No wonder businesses are fleeing this state

 

[pj]

We have politicians who see businesses as extortion opportunities, yet somehow ESPN managed to hold the state up for ransom. Really savvy operators at ESPN-Disney.

 

[Marty Jackson]

It's all about who has the leverage.

 

[pj]

It's all about who has the leverage.

0r the brains. or the ethics.

 

[uconnbill]

Ransom fee. No wonder businesses are fleeing this state

Glad it is not just me who thinks CT AG do things that are questionable to say the least

 

[coachcap]

Wake me when Frontier Communications donates $20 Million toward Rent Expansion & requests renaming rights after the no name change moratorium expires.

 

[Dooley]

Wake me when Frontier Communications donates $20 Million toward Rent Expansion & requests renaming rights after the no name change moratorium expires.

Agree with coachcap. If our state is going to shake down Frontier, they should've gotten more than 500K for MBB and WBB. Our endowment is still embarrassingly low in comparison with where we want to be. Getting that bad boy up to $500M, Rent expansion and a new downtown Hartford arena for hockey and hoops would have been my asking price!

 

[FfldCntyFan]

Agree with coachcap. If our state is going to shake down Frontier, they should've gotten more than 500K for MBB and WBB. Our endowment is still embarrassingly low in comparison with where we want to be. Getting that bad boy up to $500M, Rent expansion and a new downtown Hartford arena for hockey and hoops would have been my asking price!

Are you insane?

Frontier (no, I do not work for them) has a market cap of $6.5 billion. A new downtown arena and Rent expansion would be at lease a $600 million undertaking. Asking that of Frontier would be the equivalent of asking GE for $24 billion.

If you don't view a half million dollar contribution as something beneficial I don't know what to say. And for the record, the goal on the endowment is far higher than $500 million.

 

[Dooley]

Are you insane?

Frontier (no, I do not work for them) has a market cap of $6.5 billion. A new downtown arena and Rent expansion would be at lease a $600 million undertaking. Asking that of Frontier would be the equivalent of asking GE for $24 billion.

If you don't view a half million dollar contribution as something beneficial I don't know what to say. And for the record, the goal on the endowment is far higher than $500 million.

No. My mother had me tested.

Will you send an email to GE or should I?

 

[freescooter]

this is fairly typical of the type of settlements that utilites and banks make when they move into new states. Frontier needs state approval to acquire AT&Ts broadband and telphone service in the State. You saw similar things when First Niagara and Bank of America acquired banks. They enter into agreements to provide certain services and support for various charities in local communities, often only slightly more than the original firm was providing. This isn't about being pro- or anti-business. It is standard procedure in regulated industries in virtually every place they operate as a way of demonstrating that they are contributing to the public good.

 

[jostar1]

The actual agreement says that the money is for UConn Football and mens' and womens' basketball.
With our crappy TV contract, we need any money we can get.


http://www.ct.gov/ag/lib/ag/press_releases/2014/20140812_frontier.pdf

 

[CTMike]

Thanks for the dough, please send some mo!

 

[epark88]

Changing the paradigm...