Seeking Alpha
Editor's notes: CBB is priced for continued pain, but its wireline business is stabilizing and its CONE holdings are worth more than its own market cap. The preferred shares offer 20% returns.

Cincinnati Bell (CBB) ("CB" or "the company") is a storied, regional telecommunications player in Ohio undergoing considerable transformation, which began, in earnest, with the spin-off of its data warehousing business CyrusOne (CONE) ("Cyrus") in January 2013. CB still holds a ~69% economic interest in Cyrus, with the stated goal to monetize the asset over the next several years in order to pay down debt.

Elsewhere, CB owns significant market share in Cincinnati and Dayton, Ohio in its fiber optics pay-TV and internet platform and a fledgling wireless business with significant spectrum assets. Management indicated to investors that it is currently shopping the wireless business, which will ultimately leave CB as a pure-play, regional pay-TV...

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