Cincinnati Bell said it plans to sell spectrum...
Cincinnati Bell said it plans to sell spectrum and tower assets to Verizon Wireless for $210 million -- $194 million in cash and $16 million in tower liabilities. Cincinnati Bell’s spectrum holdings include 40-50 MHz in the PCS and AWS…
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blocks in the Cincinnati and Dayton markets and 12 MHz in the 700 MHz A block in the Dayton market. The deal is set to close in the second of half of the year, subject to regulatory approvals. Cincinnati Bell said it will lease back some of the spectrum via Grain Management so it can continue to operate its wireless services for 8-12 months. Cincinnati Bell said it will provide further transition information to its wireless customers as the closing date for the deal approaches. The carrier had 340,000 wireless subscribers at the end of 2013 in the Cincinnati and Dayton markets, and adjacent areas in southeast Indiana and northern Kentucky. The deal does not affect Cincinnati Bell’s wireline operations. It had “become economically challenging for us to invest in our wireless business at the levels necessary to deliver best-in-class service to our customers,” said Cincinnati Bell CEO Ted Torbeck in a Monday news release. The deal will allow Cincinnati Bell to focus on the “growing demand” for its Fioptics services, he said (http://bit.ly/1gECDB0).