The story
The company was formed in 1891 as part of a plan for common utility ducts to consolidate all utilities underground. Incompatibility among the utilities limited the range of utilities that could share their ducts, so the company now operates as a wholly owned subsidiary of Verizon New York Telephone under a franchise from the city. In addition to Verizon, the company provides service to cable television and other telecommunications companies.
From Wikipedia’s article on Empire City Subway, shared under CC BY-SA 4.0.4