FORT LEE, N.J.-MobileMedia Corp. announced it has closed the sale of its transmission towers to Pinnacle Towers Inc. for $170 million in cash.
MobileMedia diverted the fee for the 163 towers to its secured creditors, who have a lien on these types of assets totalling $649 million. The creditors will recoup the remainder from MobileMedia’s sale to Arch Communications Group Inc.
MobileMedia will retain own and use the equipment on the towers under a 15-year lease arrangement with an aggregate annual rental price of $10.7 million.
