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Technology Stocks : METROMEDIA FIBER NETWORK (MFNX)
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To: Capitalizer who wrote ()5/24/1999 9:33:00 AM
From: Mark Sherry  Read Replies (1) of 1983
 
May 24, 1999--Metromedia Fiber
Network, Inc. (NASDAQ:MFNX) today announced the creation of a
nationwide fiber optic network connecting the company's current and
planned Tier One metropolitan areas.
The company leveraged its local fiber optic infrastructure in an
alliance with Williams Communications Group, Inc. to create a diverse
coast-to-coast network. The transactions with Williams, combined with
previously announced infrastructure agreements, bring Metromedia Fiber
Network's total intercity infrastructure to more than 18,000 route
miles.
The company also announced that Williams chose Metromedia Fiber
Network as a primary intracity dark fiber provider in all of MFN's
current Tier One metropolitan areas as well as several future MFN
markets nationwide. Through Metromedia Fiber Network's broad
metropolitan area reach, Williams will gain direct dark fiber access
to hundreds of strategic buildings in these markets.
The transactions, which are subject to completion and execution
of definitive agreements, include dark fiber leases and maintenance
components valued at more than $230 million to each party, as well as
a component for an as yet to be determined amount of co-location
space. In addition, Williams has agreed to lease direct dark fiber
connections to at least 250 buildings for a minimum of $87 million.
The transactions extend over a 20-year term.
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