(Reuters) - Comcast Corp (CMCSA.O) said on Thursday that its fastest-speed gigabit internet service now reaches more homes than any other provider in the United States after it completed rollout to nearly all 58 million homes and businesses it serves.
The milestone widens its greater coverage over telecoms rivals. Competitor Verizon Communications Inc (VZ.N) races to deploy its next-generation 5G wireless service on mobile phones and in the home with speeds theoretically rivalling cable company products. Verizon launched its home internet 5G service in October, the first commercial offering of its kind in the United States.
Comcast’s high-speed internet business is one of its biggest contributors to revenue and profit as customers for its video services decline. The segment has helped prop up the media and communications conglomerate’s finances.
So-called cord cutters, many of whom continue to rely on broadband providers such as Comcast for internet services, have started defecting to video-streaming services such as Netflix (NFLX.O), Hulu and Youtube TV (GOOGL.O) for television programming.
That trend sparked a wave of media company mergers. Walt Disney Co (DIS.N) struck a deal to buy 21st Century Fox for $71.3 billion and AT&T Inc (T.N) bought Time Warner for $85 billion, and both have vowed to build streaming video services for consumers looking for a lower-cost alternative to traditional pay television services.
Comcast lost to Disney on a bid to buy Fox this year but prevailed against Disney in an auction to buy satellite television broadcaster and media company Sky SKYB.L.
Reporting by Kenneth Li; Editing by Cynthia Osterman