Cincinnati Bell Wireless Sold to Verizon for $210 Million

Tuesday, 08 Apr 2014 07:37 AM

By Alexandra Ward

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Cincinnati Bell's wireless division will soon belong to Verizon now that the mobile giant has purchased the regional carrier 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," Ted Torbeck, president and CEO of Cincinnati Bell, said in a statement.

According to DigitalTrends.com, Cincinnati Bell will lease back its wireless contracts from Verizon in order to serve customers during a transition period of eight to 12 months.

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After its wireless contracts are moved over to Verizon, Cincinnati Bell will primarily concentrate on its fixed phone and broadband Internet services.

"This transaction is an important step toward increasing focus on our growing strategic product base," Torbeck said in his statement. "It has become economically challenging for us to invest in our wireless business at the levels necessary to deliver best-in-class service to our customers. 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."

In an interview with the Cincinnati Business Courier on Monday, Torbeck acknowledged that his company's wireless sales have been locked in a downward spiral for some time.

"Our business has been in decline for five or six years," he said. "We've been harvesting the business really ever since we got into data centers. This is absolutely the right time to make this deal. It was probably the highest value we could get at this point in time."

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