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Cincinnati Bell to sell cell towers for $100 million

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Staff Report 3:49 PM Wednesday, November 18, 2009

CINCINNATI — Cincinnati Bell Inc. has agreed to sell 196 of its wireless communications towers to American Tower Corp. for $100 million, the companies said Wednesday, Nov. 18.

The towers are located primarily in Ohio and Kentucky. Cincinnati Bell will lease space on all 196 towers, under the sale agreement. American Tower, based in Boston, will own and operate the towers.

Cincinnati Bell said the towers are being sold because they are not part of its core business assets, and to improve the company’s liquidity. The sale is to close on or about Dec. 30, subject to closing adjustments.

Cincinnati Bell provides communication services in the Dayton and Cincinnati area markets.

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AT&T will probably buy them out. They are just lining their pockets before they unload to some other big player. AT&T shares equipment and facilities with Cinci Bell.

CWA member
11:15 PM, 11/18/2009

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I truly hope, for the sake of all Cbell Employees, that a bigger, more competent company takes over. Sounds like this rather larger purchase is one step closer to this happening!!

JackIsAJoke
11:08 PM, 11/18/2009

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As an ex Cinci Bell employee, I can personally say I quit because Jack is a greedy you know what. He has made it harder for his employees to get paid, often times leaving employees unable to put food on the table for their families while he makes announcements at his "Chats with Jack" that he too has taken a pay cut. Rather than making his usual million dollar bonus, he took a "pay cut" this year and only got a $700,000 bonus. Those were his words. I cannot make this stuff up.

JackIsAJoke
11:05 PM, 11/18/2009

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Insider prediction:
Verizon will purchase CBT within the next 6 months.

verizon
9:18 PM, 11/18/2009

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This is really great news. Maybe now they will stop cutting medical benefits and life insurance to their employees and especially the retirees who can least afford it. This could have been avoided much earlier however, if greedy Jack wouldn't have taken $3 million out of that now small company for his salary.

fastwillys
6:23 PM, 11/18/2009

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