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Stock Market & Financial Investment News

News Breaks
April 7, 2014
07:04 EDTCBB, VZCincinnati Bell to sell wireless spectrum licenses to Verizon Wireless
Cincinnati Bell (CBB) announced that it has entered into agreements to sell its wireless spectrum licenses and certain related assets to Verizon (VZ) Wireless for cash and an assumption of certain Cincinnati Bell liabilities with a total value to Cincinnati Bell of approximately $210M. CBW has agreed to sell to Verizon Wireless all of its right, title and interest in its wireless spectrum licenses for cash consideration of $194M. In addition, Verizon Wireless will assume certain tower lease obligations. Cincinatti Bell Wireless expects to continue to provide wireless service for 8-12 months from the time of signing. The cash flows from these ongoing operations are expected to largely offset the anticipated one-time fees associated with winding down the business. The total value of the deal is estimated to be 4.5 and 6.0 times FY14 and FY15 CBW adjusted EBITDA consensus wireless estimates respectively. Concurrently, Verizon Wireless has entered into a separate agreement to assign its rights to acquire the spectrum licenses being sold by Cincinnati Bell to Grain Management. Verizon Wireless will then lease certain of the spectrum licenses from Grain Management. The Cincinnati Bell tower lease arrangements to be assumed by Verizon Wireless are not included in its agreement with Grain Management. Cincinnati Bell anticipates that, as a result of the transaction, it will absorb certain overhead and shared service costs currently attributable to its wireless operations. Cincinnati Bell is currently in the process of developing strategies to minimize these costs and will provide additional detail prior to or shortly after the transaction closes. CBW will notify its customers with further details regarding this transition assistance around the time of the closing, which is expected to be in 2H14.
News For CBB;VZ From The Last 14 Days
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September 30, 2014
08:07 EDTVZVerizon management to meet with UBS
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07:53 EDTVZAnalysts see AT&T with early lead over Verizon in connected cars, Reuters says
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07:33 EDTCBBDeutsche Bank to hold a conference
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September 29, 2014
07:25 EDTVZOracle to hold a conference
Open World 2014 to be held in San Francisco on September 28-October 2.
September 25, 2014
10:06 EDTCBBOn The Fly: Analyst Downgrade Summary
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07:41 EDTCBBCincinnati Bell downgraded to Equal Weight from Overweight at Stephens
September 24, 2014
08:03 EDTVZMicronet Enertec artners with Verizon for mobile data terminal distribution
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September 23, 2014
18:03 EDTVZVerizon hires TAP Advisors for tower sale. lease agreement, Bloomberg says
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17:53 EDTVZVerizon hires TAP Advisors for tower sale. lease agreement, Bloomberg says
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September 22, 2014
07:14 EDTVZGSM Association to hold a conference
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September 19, 2014
14:41 EDTCBBCincinnati Bell to host investor day
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September 17, 2014
11:42 EDTVZVerizon says company-wide growth at moment is 'fine'
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11:39 EDTVZVerizon says tower sales options more favorable in current market
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September 16, 2014
08:18 EDTVZFCC to hold a roundtable
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07:27 EDTCBBBofA/Merrill to hold a conference
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