Broadwing Completes Directory Unit Sale

Communications Today, March 14, 2002

Integrated communications provider Broadwing [BRW] this week closed on the sale of its Cincinnati Bell Directory Business to CBD Media, a new company funded by Spectrum Equity Investors and operated by the existing Cincinnati Bell Directory management team.

Broadwing said the sale generated $345 million in cash, the net proceeds of which it will use to pay off debt. This past month, Broadwing posted a 2001 fourth-quarter loss of $195.6 million, or 91 cents a share, compared with a loss of $268.1 million, or $1.26 a share, in the October-December period in 2000. >TK MCI Group [MCIT]: WorldCom's [WCOM]: