Cincinnati Bell to Sell Spectrum Licenses to Verizon
Cincinnati Bell today announced that it has agreed to sell its spectrum licenses to Verizon Wireless for a total of $210 million. Verizon will pay Cincinnati Bell $194 million in cash and provide an additional $16 million to cover select Cincinnati Bell debts. Once the transaction is complete, Cincinnati Bell will lease its former assets for a period of 8 to 12 month as it winds down operations and assists in transitioning customers to Verizon Wireless or other providers. Cincinnati Bell operates a GSM-based network in the greater Cincinnati, Ohio region. The transition period is necessary because its GSM/WCDMA technology isn't compatible with Verizon's CDMA/LTE technology. Cincinnati Bell will continue to operate its wireline telephone and television businesses. The deal is subject to regulatory approval and other considerations.
|The Bell System forever lives.||Slammer||
|Vzw in Cinci||dougm||
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