Distruptions

The latest work stoppage stretched across several US East Coast states, including New York, Massachusetts and Virginia. Verizon brought in thousands of temporary workers to avoid service disruptions.

New York-based Verizon will add 1,300 new call center jobs on the East Coast, and 100 new network technician jobs, Verizon spokesman Richard Young said.

It will withdraw proposed cuts to pensions as well as reductions in accident and disability benefits. The company, however, won cost savings through changes in healthcare plans and limits on post-retirement health benefits.

If union members ratify the agreement, the new contract would run until August 2019.

Verizon and the two striking unions were in contract discussions with the help of the US Department of Labor. In midMay, US Labor Secretary Thomas Perez brought the parties back to the negotiating table.

The strike, one of the largest in recent years in the United States, drew support from Democratic US Presidential candidates Bernie Sanders and Hillary Clinton.

Verizon has shifted its focus in recent years to mobile video and advertising, while scaling back its Fios television and internet services. To tap new revenue, it is boosting its advertising-supported internet business and acquired AOL for $4.4 billion.

Verizon, which claims a high-quality cell network, is locked in a battle for subscribers with competitors AT&T Inc, Sprint Corp and T-Mobile US Inc in a saturated US wireless market.

Verizon’s legacy wireline business generated about 29 percent of company revenue in 2015, down about 60 percent since 2000, and less than 7 percent of operating income.

Verizon Chief Executive Officer Lowell McAdam said last week the strike could hurt second-quarter results.

Verizon shares closed up 1 percent at $50.62 on Friday, near its 52-week high of $54.49. US markets were closed on Monday for the US Memorial Day holiday.