[monocasa]

Not the other 30% or 49% or what have you that's not owned by the national company. But the nature of how the national company handles so many services for the partnerships means that 'negotiations' can change how the money flows around year after year in a way thats controlled by the national company (I say national company because they really are more than just holding companies, they handle large pieces of the business as well).

[rayiner]

The profit that accrues to those partnerships either never gets back to Verizon (in which case how is it relevant?) or simply "bellows" (as you put it) the cash flow to Verizon. In the latter case, it'll still show up in long-term measurements. But at the end of the day, Verizon's 5-year profit margin is 13% while AT&T's is 11%. That's about the same as Starbucks. Google and Apple are at 20%+, and Facebook is at 28%.