Cell Tower News: Vertical Bridge increases tower portfolio

by Jarad Matula August 7, 2015

written by Jarad Matula August 7, 2015

Vertical Bridge buys 43 towers

Vertical Bridge and one of its subsidiaries announced this week it will be entering into an agreement to purchase 43 towers from Townsquare Media. The towers are set to be purchased for $22.8 million in cash, subject to closing adjustments.

“We are very excited to complete this transaction, which will allow us to unlock capital sequestered in nonstrategic tower assets at an attractive valuation level,” said Townsquare Chairman and CEO Steven Price.

This is just the latest in a series of large business deals for Vertical Bridge. In March Vertical Bridge bought CiG Wireless’ tower portfolio. Late last year the company bought towers from both U.S. Cellular and IHeartMedia.

Community up in arms over tower flying Confederate flag

The Confederate battle flag has been in the news a lot lately. It has been removed from government buildings and various other places in an effort to nurture progress. After all, the South did lose the war 150 years ago … However, a Confederate flag appeared flying over a tower owned by American Tower in Roanoke, Va., this past week, causing the ire of people in the community.

“I was in disbelief, honestly,” local resident Grant Holly said. “I said to myself ‘Who’s the idiot or knucklehead who climbed up and put that there?’”

When reached for comment, American Tower claimed to have no knowledge of its placement and promised to investigate the matter further.