New York City Comptroller John Liu said Verizon has agreed to pay the city $1.4 million in additional fees to the city after an audit by his office found that the company "significantly underreported" revenue as required by its cable franchise agreement.

Verizon must pay the city a franchise fee of 5% of gross revenue as part of its agreement to deliver cable service citywide. The 12-year non-exclusive agreement, through the Department of Information Technology and Telecommunications, began in 2008.

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