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Cincinnati Bell selling off wireless unit

Cincinnati Bell is getting out of the wireless business. The telephone company is selling its wireless spectrum and some related assets to Verizon Wireless for approximately $210 million.

The company will "lease back" the spectrum while the deal closes so customers can transition to Verizon or another provider. The deal is expected to close in the second half of 2014. Cincinnati Bell Wireless says it will provide additional details to customers at that time. However, a company spokesperson says CBW customers will not automatically become Verizon users.

"Once the agreement is approved and closed, we will waive all applicable termination fees, provide handset unlock codes and assist customers with the transition of their wireless service to Verizon Wireless or other carrier of their choice," says Angela Ginty in an email.

In a release, Cincinnati Bell President and CEO Ted Torbeck says customers don't need to take any immediate action. “We appreciate the loyal support from our Cincinnati Bell Wireless customers over the last sixteen years, and we remain committed to providing them with wireless service and support throughout the transition period."

You can read the full release here.