Cincinnati Bell agrees to $210 million buyout by Verizon
It looks like Cincinnati Bell Wireless customers can consider themselves Verizon subscribers now, as CBW entered into an agreement to sell its spectrum and wireless infrastructure to the nation's largest carrier for $210 million. The deal is expected to close in the second half of 2014 following the compulsory regulatory approval. CBW's customers will be handed over to Verizon or other carriers over the next eight to twelve months. CBW's CEO, Ted Torbeck, asserts that its customers need take no action at this time. Subscribers will be notified about further details regarding the "transition assistance" around the time of closing the deal.
Cincinatti Bell, USA's ninth-largest carrier, will focus on its internet and television services. “This transaction is an important step toward increasing focus on our growing strategic product base,” said Torbeck, adding that “this transaction not only ensures that our customers have access to top-tier wireless service, but it also gives us increased flexibility to meet their growing demand for our Fioptics suite of products.”
source: Cincinnati Bell
1. kshell1 (Posts: 1143; Member since: 05 Oct 2011)
Verizon is taking over the world lol, but in all seriousness this should help coverage.
2. StraightEdgeNexus (Posts: 3080; Member since: 14 Feb 2014)
Lol messenger>carrier. $19b>>>$210m. This is laughable.
3. InspectorGadget80 (Posts: 6260; Member since: 26 Mar 2011)
Does this mean Verizon goes back to their old name?
6. corporateJP (Posts: 1548; Member since: 28 Nov 2009)
Verizon was Bell Atlantic. And by default, the "Bell" name is owned by multiple entities (AT&T owns or has absorbed the lion's share). Due to anti-trust agreements from the early 80's, no one company in the United States (Canada is a different story) can be just "Bell", they would have to use the regional designation as well. Apple to orange bet, but I don't think Verizon, with it's nationwide footprint, wants to change it's name back to the regionally-denoted "Bell Atlantic".
4. Slammer (Posts: 991; Member since: 03 Jun 2010)
History keeps repeating itself. Sprint and Tmobile are not allowed to creat a third power to combat a duopoly, yet, AT&T and VZW are allowed to continually swallow up carriers. This further places the two largest in an even more untouchable level. Good job FCC and DOJ. The cartel forever lives.
7. eN16HTMAR3 (Posts: 104; Member since: 08 Oct 2013)
Very very true Slammer. Just like Comcast having about half the nation under them. Verizon will go the same way and eventually. The olny choice you will have is either Comcast or Verizon and then they can charge you whatever you want which is scary. If you think those current phone bills are high. Wait till there is no longer a choice of providers and see where that cost goes.
9. genkidama20 (Posts: 31; Member since: 10 Feb 2012)
You're somewhat correct. We may no longer have a choice one day, but not all Verizon's fault. It's the consumer's greed that drives this phenomena. As a selfish species, we always want more of what we don't have and are willing to pay for it. In fact, the average cell phone bill for a Verizon customer is $153/month. Do the math. If Verizon customers saved $153 every month in an account that yielded 7% (i.e., 401K), they'd all be millionaires by the time they retired (45 years of savings). It's stupid how much we're willing to pay for luxuries. Just look at the housing bubble, look at the average family's credit card debt. We are the ones driving this phenomena, not Verizon. Currently, we do have a choice. Unfortunately, that choice is usually a vain and selfish one. Instead of picking the affordable and wise one, we pick the most self-serving and immediately gratifying one. Minus one for faith in humanity [/end ideological rant]
10. Slammer (Posts: 991; Member since: 03 Jun 2010)
There is truth in your post. However, these consumers of CBW didn't ask for VZW to purchase their carrier of choice. Neither did Alltel and other carriers of the past. And while the fault my not lay on VZW as a whole, the FCC appears to be as blinded as the patent system and VZW along with AT&T, are just sucking up every last entity that they can. What chances do Tmobile and Sprint have. Sprint had the chance to buy MCI; the government said no way. Sprint wants Tmobile; the government has vowed to say no again. Yet AT&T and VZW have packed away with Cingular and Alltel merges(respectable sized carriers) and have been swapping assets ever since. The consumers are losing choices due to the FCC's inept knowledge of chess moves.
8. Gcombs (Posts: 133; Member since: 22 Aug 2011)
Another baby Bell sells to another baby Bell. That deal wasn't going to happen if T-Mobile or Sprint tried to buy that spectrum. Only Verizon or AT&T could have gotten that deal.