Will contribute to cord cutting

Verizon Communication's CEO Ivan Seidenberg believes that his company's 4G LTE network could one day become a "modest substitute" for traditional cable and Internet, The Wall Street Journal reports.

Seidenberg had previously predicted the trend of cord-cutting -- eschewing wired cable TV in favor of Internet entertainment consumption -- to take hold. And, in fact, cable companies felt the loss of more than 500,000 subscribers in the third quarter of 2010 alone. The cable companies deny cord-cutting is a growing trend. 

While Seidenberg said that he doesn't predict an immediate consumer jump from wired internet services to Verizon's LTE, he did say that some will make the switch. Particularly because Verizon's LTE network can deliver comparable speeds to traditional wired cable Internet. However, Seidenberg made no mention of how Verizon's monthly data caps would affect the outcome of his predictions.

As for Verizon's wireline business, Seidenberg says he feels better about it now than he has in the last five years, thank to the company's investment in FiOS. He said that with the higher speeds FiOS can offer, Verizon is in a position to change the model for services, someday possibly delivering TV and Internet as a single service.

Seidenberg is set to retire in the second half of 2011, when Lowell McAdams will take over as Verizon's top executive.

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