UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because § 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g) check the following box  ¨.

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7(b) for other parties to whom copies are to be sent.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

SCHEDULE 13D

This statement on Schedule 13D (this “Statement”) relates to the common stock, par value $0.001 per share (the “Shares”), of Terremark Worldwide, Inc., a Delaware corporation (“Terremark”). Terremark’s principal executive offices are located at One Biscayne Tower, 2 South Biscayne Boulevard, Suite 2800, Miami, Florida 33131. Terremark’s telephone number at such address is (305) 961-3200.

This Statement is filed by Verizon Holdings Inc. (the “Purchaser”) and Verizon Communications Inc. (“Parent”) (collectively, the “Reporting Persons”). Purchaser is a wholly owned subsidiary of Parent.

Parent is a Delaware corporation. Parent’s principal executive officers are located at 140 West Street, New York, New York, 10007. Parent is one of the world’s leading providers of communications services. Parent has two primary reportable segments: Domestic Wireless, which includes wireless voice and data services and equipment sales, which are provided to consumer, business and government customers across the U.S., and Wireline, which includes voice, Internet access, broadband video and data, next generation Internet protocol network services, network access, long distance and other services. Parent provides Wireline products and services to consumers in the U.S. as well as to carriers, businesses and government customers both in the U.S. and in 150 other countries around the world.

Purchaser is a Delaware corporation and a wholly owned subsidiary of Parent. Purchaser was organized by Parent to acquire Terremark and has not conducted any unrelated activities since its organization. Purchaser’s principal executive offices are located at 140 West Street, New York, New York, 10007.

The name, residence or business address, present principal occupation or employment (including the name, principal business and address of any corporation or other organization in which such employment is conducted) and place of citizenship of each executive officer and director of Parent and Purchaser are set forth on Schedules I and II attached hereto (collectively, the “Scheduled Persons,” and each a “Scheduled Person”), and are incorporated herein by reference.

During the last five years, none of the Reporting Persons, nor, to the best of their knowledge, any of the Scheduled Persons has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors), or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceedings was or is subject to a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

As more fully described in Item 4 hereof, Parent, Purchaser and Terremark entered into an Agreement and Plan of Merger, dated as of January 27, 2011, as amended on February 28, 2011 (the “Merger Agreement”), a copy of which is attached hereto as Exhibit 1 and incorporated herein by reference. Pursuant to the Merger Agreement, and upon the terms and subject to the conditions thereof, on February 10, 2011 Purchaser commenced a tender offer (the “Offer”) to purchase all of the outstanding Shares, at a price of $19.00 per share (the “Offer Price”), net to the sellers in cash, without interest thereon and less any applicable withholding taxes, upon the terms and subject to the conditions set forth

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in the Offer to Purchase dated February 10, 2011 (which, together with any amendments and supplements thereto, collectively constitute the “Offer to Purchase”) and in the related Letter of Transmittal.

The Offer expired at 12:00 midnight, New York City time, at the end of the day on March 31, 2011. On April 1, 2011, Purchaser accepted for purchase all Shares that were validly tendered and not validly withdrawn in connection with the Offer. An aggregate of 59,754,625 Shares were purchased by Purchaser in accordance with the terms of the Offer at a price of $19.00 per Share, without interest thereon and less any applicable withholding taxes. Pursuant to the subsequent offering period that expired on April 7, 2011, as well as Shares delivered pursuant to notices of guaranteed delivery, Purchaser purchased the following number of Shares on the following dates at the offer price of $19.00 per Share:

Additionally, on April 7, 2011, Purchaser purchased 10,112,422 Shares from Terremark at the price of $19.00 per Share pursuant to an equity issuance as contemplated by the terms of the Merger Agreement (the “Equity Issuance”).

Purchaser paid an aggregate of $1,298,413,602.00 to holders of Shares acquired pursuant to the initial Offer and subsequent offering period and $192,136,018.00 to Terremark pursuant to the Equity Issuance, all of which was funded through Parent’s existing working capital.

The Shares purchased in the Offer, Equity Issuance and subsequent offering period gave Purchaser aggregate ownership of more than 90% of the outstanding Shares as of April 8, 2011. Accordingly, Parent intends to promptly effect a short-form merger (the “Merger”) pursuant to Section 253 of the Delaware General Corporation Law (the “DGCL”) and, as a result, Terremark will become a wholly owned subsidiary of Parent. As a result of the merger, any Shares not tendered in the Offer will be cancelled and (except for Shares held in the treasury of Terremark or by Parent or Purchaser, or shares for which appraisal rights are properly demanded) will be converted into the right to receive the same $19.00 in cash per Share, without interest and less any applicable withholding taxes, that was paid in the Offer.

The information set forth under Item 3 of this Statement is incorporated herein by reference. The purpose of the Offer is for Parent, through Purchaser, to acquire control of, and the entire equity interest in, Terremark. The Offer, as the first step in the acquisition of Terremark, is intended to facilitate the acquisition of all outstanding Shares. The purpose of the Merger is to acquire all outstanding Shares not tendered and purchased pursuant to the Offer.

Following consummation of the Offer, pursuant to the terms of the Merger Agreement, Parent designated six persons to serve on Terremark’s Board of Directors.

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Following the Merger, the Shares will no longer be traded on the NASDAQ Global Market, there will be no public market for the Shares and registration of the Shares under the Securities Exchange Act of 1934, as amended, will be terminated.

As of the date of this Statement and except as otherwise provided in the Offer to Purchase, it is expected that, initially following the Merger, the business and operations of Terremark will be continued substantially as they are currently being conducted. Parent will continue to evaluate the business and operations of Terremark after the consummation of the Merger and will take such actions with respect to Terremark as it deems appropriate under the circumstances then existing. Thereafter, from time to time, Parent may make changes to Terremark’s business, operations, capitalization or management with a view to combining the existing and future service offerings of Terremark and Parent and optimizing development of Terremark’s potential in conjunction with Parent’s other business.

All information contained in the sections of the Offer to Purchase entitled “Purpose of the Offer; Plans for Terremark” and “Certain Effects of the Offer” is incorporated herein by reference. Except as set forth in this Statement (including any information incorporated by reference) and in connection with the transaction described above, none of the Reporting Persons has any plan or proposal that relates to or would result in any of the transactions described in subparagraphs (a) through (j) of Item 4 to the Schedule 13D.

(a) and (b) As of April 8, 2011 Purchaser was the direct record owner of and may be deemed to have shared voting and dispositive power with respect to, and Parent may be deemed to beneficially own and have shared voting and dispositive power with respect to, 78,449,980 Shares, representing approximately 96.6% of the issued and outstanding Shares.

(c) The information set forth under Item 3 of this Statement is incorporated herein by reference.

(d) Not applicable.

(e) Not applicable.

The information set forth under Items 3, 4 and 5 of this Statement is incorporated herein by reference. All information contained in the section of the Offer to Purchase entitled “Background of the Offer; Past Contacts or Negotiations with Terremark” and “The Merger Agreement; Other Agreements – Other Agreements” is incorporated herein by reference. Except as disclosed in this Statement or as set forth in or contemplated in the Merger Agreement, there are no contracts, understandings or relationships between the Reporting Persons and any third person with respect to the Shares.

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SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Pursuant to Rule 13d-1(k)(1), each of the undersigned agrees that this statement is filed on behalf of each of us.

SCHEDULE I

Name, business address, present principal occupation or employment and

place of citizenship of the directors and executive officers of

VERIZON COMMUNICATIONS INC.

The name, business address and present principal occupation or employment of each of the directors and executive officers of Verizon Communications Inc. are set forth below. The business address of each director and executive officer is 140 West Street, New York, New York, 10007. All directors and executive officers listed below are citizens of the United States.

DIRECTORS

EXECUTIVE OFFICERS

SCHEDULE II

Name, business address, present principal occupation or employment and

place of citizenship of the directors and executive officers of

VERIZON HOLDINGS INC.

The name, business address and present principal occupation or employment of each of the directors and executive officers of Verizon Holdings Inc. are set forth below. Unless otherwise indicated, the business address of each director and executive officer is 140 West Street, New York, New York, 10007. All directors and executive officers listed below are citizens of the United States.

DIRECTORS

EXECUTIVE OFFICERS

Exhibit 4

JOINT FILING AGREEMENT

Each of the undersigned hereby agrees that the Statement on Schedule 13D, dated April 8, 2011 (the “Schedule 13D”), with respect to the common stock of Terremark Worldwide, Inc. is, and any amendments thereto shall be, filed on behalf of each of the undersigned pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, and that this Agreement shall be included as an exhibit to the Schedule 13D and each such amendment. Each of the undersigned agrees to be responsible for the timely filing of the Schedule 13D and any amendments thereto, and for the completeness and accuracy of the information concerning itself contained therein, but shall not be responsible for the completeness and accuracy of the information concerning any other party, except to the extent that it knows or has reason to believe that such information is inaccurate. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, each of the undersigned has executed this Agreement as of the dates written below.