Following the transaction, Cincinnati Bell will remain a tenant on all 196 towers pursuant to a long-term master lease agreement.

American Tower expects to fund the consideration from its available cash on hand and cash equivalents balances.

Wells Fargo Securities, LLC is advising Cincinnati Bell on the transaction.

The acquisition is expected to close on or about December 30, 2009.

Deal Value (US$ Million) 100
Deal Type                Acquisition
Sub-Category             Asset Purchase
Deal Status              Announced: 2009-11-18

Deal Participants

Target (Company)   Cincinnati Bell, Inc. - 196 Wireless Communications Towers
Acquirer (Company) American Tower Corporation
Vendor (Company)   Cincinnati Bell, Inc.

Deal Rationale

The transaction is a part of Cincinnati Bell's strategy to improve liquidity and unlock shareholder value by selling non-core assets.

"We are pleased that Cincinnati Bell has selected American Tower to own and operate this critical portion of its network infrastructure and we continue to actively pursue the acquisition of other strategic assets in the United States," said Steven Marshall, President of American Tower's US Tower Division. "We also look forward to broadening our partnership with Cincinnati Bell and supporting its ongoing network development and expansion in the future."

The acquisition is expected to close on or about December 30, 2009, and the acquisition's consideration is subject to certain closing adjustments. American Tower expects to use available cash on hand and cash equivalents to satisfy the consideration at closing.

Cincinnati Bell was advised in the transaction by Wells Fargo Securities.

About American Tower

American Tower is a leading independent owner, operator and developer of broadcast and wireless communications sites. American Tower currently owns and operates over 26,700 communications sites in the United States, Mexico, Brazil and India. For more information about American Tower, please visit www.americantower.com.

About Cincinnati Bell Inc.

With headquarters in Cincinnati, Ohio, Cincinnati Bell provides integrated communications solutions - including local, long distance, data, Internet, and wireless services - that keep residential and business customers in Greater Cincinnati and Dayton connected with each other and with the world. In addition, businesses nationwide ranging in size from start-up companies to large enterprises turn to Cincinnati Bell for efficient, scalable office communications systems as well as complex information technology solutions including data center and managed services. Cincinnati Bell conducts its operations through three business segments: Wireline, Wireless, and Technology Solutions. For more information, visit www.cincinnatibell.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains statements about future events and expectations, or "forward-looking statements", all of which are inherently uncertain. Those forward looking statements are based on the current expectations and assumptions of American Tower and Cincinnati Bell and not on historical facts. Examples of these statements include, but are not limited to, statements regarding expectations of the closing date and the expected cash consideration of the transaction. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the ability of the companies to satisfy the conditions precedent to closing, market conditions for corporate debt generally, for the securities of telecommunications companies and for the respective company's indebtedness in particular. For other important factors that may cause actual results to differ materially from those indicated in the forward-looking statements, please refer to the information contained in Item 1A of the Quarterly Report on Form 10-Q for the quarter ended September 30, 2009 under the caption "Risk Factors" for each company and in the 2008 Annual Report on Form 10-K for the year ended December 31, 2008 for each company and other filings made with the Securities and Exchange Commission. The companies undertake no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.

SOURCE: American Tower Corporation

American Tower 
Michael Powell, 617-375-7500 
Vice President, Investor Relations 
or 
Cincinnati Bell 
Kurt Freyberger, 513-397-1055 
Vice President, Investor Relations

The towers are located primarily in Ohio and Kentucky and currently average 2.1 tenants per tower. Cincinnati Bell will remain a tenant on all 196 towers pursuant to a long-term Master Lease Agreement.

The transaction is a continuation of Cincinnati Bell's strategy to improve liquidity and unlock shareholder value, the company said.

The acquisition is expected to close on or about 30 December 2009 and the acquisition's consideration is subject to certain closing adjustments.

American Tower Corporation is an independent owner, operator and developer of broadcast and wireless communications sites.

Comments on this story may be sent to tww.feedback@m2.com

The towers are located primarily in Ohio and Kentucky and currently average 2.1 tenants per tower. Cincinnati Bell will remain a tenant on all 196 towers under a long-term Master Lease Agreement.

Boston-based American Tower is an independent owner, operator and developer of broadcast and wireless communications sites. The company currently owns and operates over 26,700 communications sites in the United States, Mexico, Brazil and India.

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