Company Also Finalizes Lease Arrangement To Continue To Use Those Towers To Broadcast Its Radio Stations
April 8, 2015 – New York, NY – iHeartMedia, Inc. (OTCBB: IHRT), one of the leading global media and entertainment companies, announced today that the first closing of the sale of a select portfolio of its tower assets to Vertical Bridge has occurred. Initial closing proceeds were approximately $369 million prior to fees and customary adjustments for prorated items. Additional closings are expected to occur.
Wall Street would love you to believe that small cells will dominate the construction environment for the next five years. But at the end of the day, it may be more macros than micros.
Speaking at a meeting of the Maryland-DC Wireless Association, Marc Ganzi, the chief executive officer of Digital Bridge, said investors and owners have as much reason to be optimistic about the tower industry as ever. Ganzi is the founder and former CEO of Global Tower Partners."
Vertical Bridge Holdings, LLC, a privately owned real estate investment trust (REIT) focused on the ownership of wireless communications towers in the US, has secured over $470 million of incremental equity commitments to support its acquisitions, new tower build programs, and growth strategy. Vertical Bridge has closed 23 cell site acquisitions so far this year, including 4 deals completed since October 1. Vertical Bridge Holdings was founded in 2014 by Marc Ganzi and other executives from Global Tower Partners after American Tower bought that company in 2013. The company focuses on owning, operating, and managing telecommunications towers, rooftops, and site locations across the country.
- Significant investment by leading institutions, foundations, family offices and individuals through Digital Bridge US Tower Holdings, LLC
- Additional investment by The Jordan Company and major new commitments from Goldman Sachs (GS) Infrastructure Partners and Stonepeak Infrastructure Partners
- Brings total equity raised by Digital Bridge to nearly $1 Billion across its three businesses
BOCA RATON - September, 2014 - Vertical Bridge Holdings, LLC, a privately owned tower company, today announced that it has secured over $500 million of incremental capital to support its acquisition and new tower build programs and growth strategy.
BOCA RATON – May 30, 2014 – Digital Bridge Holdings (www.digitalbridgellc.com) announced today that Mr. Thomas Yanagi, previously Head of Communications Infrastructure at Macquarie Infrastructure Partners (MIP), has joined the company. Digital Bridge Holdings, based in Boca Raton, FL, was formed in 2013 through a partnership between Ben Jenkins of Dering Capital and Marc Ganzi of Global Tower Partners.
Digital Bridge, headed by Marc Ganzi, and Macquarie Mexican Infrastructure Fund (MMIF) agreed to merge their cell tower portfolios last week to create Mexico Tower Partners (MTP), which will manage more than 600 towers and is one of Mexico’s largest independent telecom tower businesses.
Macquarie Mexican Infrastructure Trust I ("MMIT I") (BMV: FIMMCK) today announced the formation of Mexico Tower Partners ("MTP"), a joint venture that owns and manages a portfolio of wireless telecommunications towers with operations across Mexico. Based in Mexico City, MTP manages more than 550 towers and is Mexico's second largest independent telecommunications tower business.