The California Department Of Technology Tackles Digital Divide, Taps Network Giant Lumen For Massive Fiber Expansion; Awarded More Than $400M For Closing The Digital Divide
Portfolio Pulse from Benzinga Newsdesk
The State of California Department of Technology and Lumen Technologies (NYSE:LUMN) have partnered to tackle digital inclusion with a multi-billion dollar network investment. The state has awarded Lumen over $400 million to bring high-speed fiber broadband service to Californians under the Broadband for All initiative. The investment will bring open-access, middle-mile connectivity by Lumen to hundreds of California communities by the end of 2026.
October 25, 2023 | 12:36 pm
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Lumen Technologies has been awarded over $400 million by the State of California to bring high-speed fiber broadband service to Californians. This partnership is expected to enhance Lumen's market position and revenue streams.
The partnership with the State of California and the multi-billion dollar investment in network infrastructure is a significant development for Lumen Technologies. This could lead to an increase in the company's customer base and revenues, thereby potentially boosting its stock price in the short term.
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