In 1935, Western Union has put into operation first intercity fax communication. Money transfer is a matter of minutes, at any distance. In October 2006 the company made an initial public offering of shares on the New York Stock Exchange, becoming independent from First Data company. The Western Union Company is a leader in global payment services Western Union incomes for 2007 have made $4,9 billion US dollars, and the quantity of transactions has made 572 million. In 1991, Western Union has sold some low-profit division of the company AT & T, GM Hughes Electronics, and to some others. In the same year the company changed its name to New Valley Corp.