Cincinnati Bell Giving Up on Wireless Business, Selling Spectrum to Verizon for $210 Million
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After a decade and a half in the cellphone business, Cincinnati Bell is giving up on competing with the big guys and is selling its spectrum licenses to Verizon Wireless for $210 million.
“We appreciate the loyal support from our Cincinnati Bell Wireless customers over the last sixteen years, and we remain committed to providing them with wireless service and support throughout the transition period,” Cincinnati Bell CEO Ted Torbeck said in a statement.
The deal is expected to close in the second half of 2014, and Cincinnati Bell says it expects to continue providing wireless services for the next eight to 12 months.
Current customers don’t have to do anything for the moment, Torbeck added.
The company said in February that it was exploring strategic options for its wireless business.