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News Breaks
April 7, 2014
07:04 EDTVZ, CBBCincinnati 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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November 18, 2015
11:33 EDTVZSprint announces launch of LTE Plus network
In celebration of the launch of its new LTE Plus network, Sprint (S) is introducing the biggest wireless offer in U.S. history - 50% off the price of most Verizon (VZ), AT&T (T) and T-Mobile (TMUS) rate plans, the company says. New customers can sign up for this offer nationwide Nov. 20 through Jan. 7, 2016. LTE Plus, available today in 77 major markets, takes advantage of Sprint's rich triband spectrum portfolio, and it uses some of the world's most advanced technologies in wireless, such as carrier aggregation and antenna beamforming. Customers who switch get 50 percent off most current rate plan prices from their current carrier. AT&T, T-Mobile and Verizon customers switching to Sprint also can take advantage of iPhone Forever, where they are eligible to upgrade every time a new iPhone launches. Customers must port one line, and can add up to 9 additional lines on the account. Customers must choose from the 50 percent off rate plans available from their current carrier. Cricket and MetroPCS customers also can switch and save 50 percent off their parent company's postpaid rates. 50 percent off pricing remains valid until Jan. 8, 2018, for activations between Nov. 20, 2015, and Jan. 7, 2016.

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