Cincinnati Bell Inc.NYSE
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  • Fri, Jun. 17, 4:42 PM
    • "Additional fiber investment should help improve growth trajectory of the wireline business and could make Cincinnati Bell (CBB +7.2%) a more attractive acquisition candidate for a larger telecom or cable company in the medium-to-long term, once the company further reduces leverage," wrote Gabelli's Sergey Dluzhevsky in an upbeat note today.
    • He considers telcos looking to add "fiber-rich wireline properties," such as Frontier and Consolidated Communications, as potential acquirers. P-E firms and "communications groups comfortable owning both cable and telecom assets" are also mentioned.
    • Dluzhevsky expects CBB to unload its remaining stake in data center owner CyrusOne over the next 12 months, and use the funds to pay down debt. He also forecasts the availability of CBB's Fioptics fiber service within its territory will rise to 65%+ by the end of 2017 from a current 57%, and considers the company's IT services business another growth driver. "Our private market value (PMV) estimate for Cincinnati Bell is $4.65 per share in 2017, growing to $6.85 per share in 2020 (with interest in CyrusOne marked to model)."
    • Shares jumped to new 52-week highs today. They're up 20% YTD.
    | Fri, Jun. 17, 4:42 PM | 1 Comment
  • Jun. 23, 2015, 7:43 PM
    • Cincinnati Bell (NYSE:CBB) sealed a deal wth CyrusOne (NASDAQ:CONE) to sell it 4.3M units of their operating partnership, CyrusOne LP, for $28.41 per unit.
    • Correspondingly, CyrusOne priced its public offering of 11.3M shares at $30/share. Underwriters have an option for an additional 1.695M shares.
    • Cincinnati Bell will get a distribution on its OP units of $0.315/unit; so the purchase price per unit will be equal to Cyrus One's net proceeds from its share sale less that $0.315/unit.
    • After hours: CyrusOne +0.3% to $30.18. Cincinnati Bell closed today down 0.5% to $4.07.
    • Previously: CyrusOne -1.9%, buying out more of partnership with Cincinnati Bell (Jun. 22 2015)
    | Jun. 23, 2015, 7:43 PM
  • Jun. 22, 2015, 5:34 PM
    • CyrusOne (NASDAQ:CONE) is off 1.9% after hours as it announces an 11.3M-share public offering (with 1.695M greenshoe), with proceeds set to go to operating partnership CyrusOne LP, which will finance a previously announced deal for Cervalis Holdings.
    • Any remainder will be used to buy additional operating partnership units from a subsidiary of Cincinnati Bell (NYSE:CBB), which plans to sell 4.3M OP units (with another 1.695M units in greenshoe) to CyrusOne.
    • The moves will result in Cincinnati Bell owning between 11.3% and 13.7% of CyrusOne. A previous set of transactions had reduced CBB's ownership to 21.7%.
    • Previously: Cincinnati Bell closes sale of partnership interest to CyrusOne (Apr. 07 2015)
    • Previously: Cincinnati Bell cashing out of part of CyrusOne investment; stock down 2.8% (Mar. 30 2015)
    | Jun. 22, 2015, 5:34 PM
  • May 21, 2015, 6:04 PM
    • Giving some key hope to suitors for Time Warner Cable not named Comcast (NASDAQ:CMCSA), FCC Chairman Tom Wheeler placed individual calls to various cable execs -- including TWC's Rob Marcus and Charter's Tom Rutledge -- to say the agency's not against any and all deals just because it kiboshed Comcast's, The Wall Street Journal is reporting.
    • Wheeler reportedly wanted to clarify the FCC stance amid industry confusion about just how much consolidation it would support, and said that each potential deal would be judged on its merits.
    • Wheeler did express that he's like to see more competition from companies that traditionally haven't battled in the same geographies, and encouraged the prospect of cablecos "overbuilding" into each other's service areas, according to the WSJ.
    • With TWC looking like the key catch, its stock has risen 8.9% over the past month.
    • Consolidation prospects: TWC, CHTR, OTC:ATCEY, CVC, CTL, FTR, WIN, FRP, CBB
    | May 21, 2015, 6:04 PM
  • Apr. 7, 2015, 5:11 PM
    • Cincinnati Bell (NYSE:CBB) closed its sale of 14.26M operating partnership units to data-center property owner CyrusOne (NASDAQ:CONE) for $29.8752/unit.
    • CyrusOne closed its offering of the same number of shares of common stock at a price of $31.12 to the public. With the deals done, Cincinnati Bell ends up owning about 21.7% of CyrusOne.
    • The operating partnership, CyrusOne LP, was formed July 31, 2012.
    • After hours, CONE up 1.1%.
    • Previously: Cincinnati Bell cashing out of part of CyrusOne investment; stock down 2.8% (Mar. 30 2015)
    | Apr. 7, 2015, 5:11 PM
  • Apr. 7, 2014, 11:52 AM
    • Verizon (VZ -0.3%) is paying $194M in cash to acquire spectrum licenses from Cincinnati Bell (CBB +1%), and is also assuming tower lease obligations. The deal, expected to close in 2H14, has a total value of $210M to CBB.
    • CBB plans to wind down its wireless ops and "assist its wireless customers in transitioning their service arrangements to Verizon Wireless or other wireless providers."
    • Verizon, perhaps looking to appease regulators, will assign the rights to CBB's spectrum to P-E firm Grain Management, and then lease a portion of it back.
    • FierceWireless observes CBB owns a mixture of high-frequency and low-frequency Ohio spectrum. Regulators have been nervous about attempts by Verizon and AT&T to increase their already-massive low-frequency holdings.
    | Apr. 7, 2014, 11:52 AM