Verizon sets phone line spinoff date to July 1

Verizon Communications Inc. said Thursday its spinoff of land line business in 13 states plus parts of California will take place on July 1.

The company said the record date for the planned spinoff of New Communications Holdings Inc., a subsidiary of Verizon, to Verizon stockholders will be June 7.

New Communications was formed as part of Verizon's sale of the landline operations to Frontier Communications Corp.

After the spinoff, Verizon stockholders will collectively own between about 66 percent and 71 percent of the shares of Frontier and Frontier stockholders will collectively own between about 29 percent and 34 percent.

Shares of Verizon rose 53 cents, or 2 percent, to $27.46 in afternoon trading.