SpectraSite (NYSE: SSI) has completed the sale of its broadcast services subsidiaries to Doty, Moore & Hoenninger, an investment vehicle owned by certain members of the division’s existing management team.
Terms of the transaction, which was announced in January, were not disclosed.
“The sale of our broadcast services division represents the final step in a multi-step process whereby SpectraSite has successfully transformed itself into a pure play, recurring revenue based company focused entirely on revenues derived from site leasing and licensing,” said Stephen Clark, president and CEO of SpectraSite. “As part of this transaction, we have retained the high margin broadcast site leasing business which produces very predictable revenues and cash flow. With the completion of this transaction SpectraSite becomes the largest pure play site leasing and licensing tower company in the United States.”
Based in Cary, SpectraSite is one of the largest wireless tower operators in the country. It owns or operates approximately 10,000 revenue producing sites, including 7,577 towers and in-building sites primarily in the top 100 markets in the United States.
SpectraSite’s customers are wireless communications providers, including AT&T Wireless, Cingular, Nextel, Sprint PCS, T-Mobile and Verizon Wireless.
SpectraSite: www.spectrasite.com
