Philadelphia Renews Verizon Franchise Agreement

Philadelphia renewed its franchise agreement with Verizon for five years, Democratic Mayor Cherelle Parker announced Monday. The agreement allows Verizon to provide cable services to Philadelphia residents and broadband internet to 183 city recreation centers. It was set to expire next month. Verizon will continue paying the city franchise fees of 5% of gross revenue, the maximum assessment under federal law. Also, the company will provide $8 million in grant funding for public, education and governmental (PEG) channels and $500,000 for dark-fiber initiatives.