Cellubration

Friday, July 25th 2008 -- In a successful attempt to raise capital Sprint Wireless has announced that they have sold off "nearly all" of their cell phone towers to TowerCo for $670 million dollars in cash. According to Bob Azzi of Sprint Wireless the company will now lease back their towers from TowerCo who will not only hold a full controlling interest in the towers, but will also be responsible for the maintenance of the towers. In total almost 3,300 towers were sold.

While Azzi says the move will allow for more flexibility in terms of managing the company, it shows the true financial positioning of the struggling telecom who have seen profits shrink while closing retail locations and laying off workers over the last year.

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