Buys Verizon stake in joint venture Crown Castle starts mobile-tv pilot in Pittsburgh
Crown Castle International Corp. this week announced a partnership with Nokia Corp. to bring mobile-tv to American users. In October, the companies launched digital television broadcast for handsets (DVB-H) trials in Pittsburgh and said they plan to expand the trials to consumer services. Thursday Crown Castle announced that it had purchased Verizon Wireless' 37.3-percent interest in their Crown Atlantic Joint Venture for nearly USD 300 million. The venture included 2,019 towers and has USD 180 million credit facility. Crown Castle has a total of about 11 000 towers across U.S.. Following the purchase Crown Castle controls the entire venture, though Verizon will retain certain protective rights regarding the tower network. The Crown Atlantic venture generated USD 114 million in annualized site rental revenue during the third quarter.Related News
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