01:31 PM EDT, 05/14/2024 (MT Newswires) -- (Updates with US Cellular's response in the final paragraph.)

Verizon Communications ( VZ ) is considering buying back US Cellular's (USM) stake in its Los Angeles business, depending on price negotiations, Bloomberg reported Tuesday, citing Sowmyanarayan Sampath, the chief of Verizon's consumer division

Sampath declined to comment on what would be a fair price, and it's unclear whether an accord will be reached, the report said.

Telephone and Data Systems, the parent company of US Cellular, disclosed in a 2016 filing that it held a 5.5% stake in the Los Angeles SMSA Limited Partnership and Subsidiary, managed by Verizon, Bloomberg reported.

A US Cellular spokesperson declined to comment to MT Newswires, while Verizon did not immediately respond.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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