Comcast Ventures, the venture capital affiliate of Comcast Corporation (Nasdaq: CMCSA, CMCSK), announced today that it has formed a new portfolio company, CTI Towers, Inc., which will own, operate, and develop telecommunications towers throughout the United States. CTI Towers is launching with a portfolio of approximately 800 towers that were previously owned and operated by Comcast Cable subsidiaries. Headquartered in Boston, CTI Towers will actively lease tower space to wireless operators and other tenants, creating additional tower capacity for rapidly evolving businesses and technologies across the U.S.
Comcast Ventures also announced it has named Anthony F. Peduto CEO of CTI Towers. Mr. Peduto previously served as the Chief Operating Officer of Optasite, a company that engaged in the acquisition and development of telecommunications tower sites, and Vice President of the West and Northeast regions of American Tower Corporation, a leading provider of wireless and broadcast towers worldwide.
"Consumers are increasingly relying on their mobile devices and consuming high bandwidth applications, such as streaming video, requiring a next generation of wireless communications infrastructure," said Dave Zilberman, Principal at Comcast Ventures. "Newly formed CTI Towers will work with mobile operators and other service providers to improve the quality of the wireless network experience to their customers by leveraging the extensive footprint of urban and suburban towers in CTI's portfolio. With Tony Peduto's significant experience managing and developing towers and his deep understanding of the tower business, CTI is well positioned to aggressively support the build-out of new wireless networks."
"As a new entrant with an extensive portfolio of un-leased tower space, CTI Towers will offer a coherent solution for mobile operators that are looking for suppliers offering an extensive regional portfolio of sites to improve their coverage," said Mr. Peduto. "CTI Towers will expeditiously cater to customer requirements with an experienced team of dedicated tower professionals."
Additional information about CTI Towers, Inc. can be found at www.ctitowers.com.
About Comcast Ventures
Comcast Ventures is the venture capital affiliate of Comcast Corporation. It consists of the recently combined Comcast Interactive Capital and NBCUniversal Peacock Equity Fund and has a portfolio valued at $750 million under management. Comcast Ventures invests in innovative businesses that represent the next generation of entertainment, communications and digital technology by partnering with entrepreneurs who have the vision, passion and tenacity to succeed. Its primary goal is to generate superior financial returns through the success of its portfolio companies by applying the unique resources, contacts, experience, and insight of Comcast's family of companies.
About CTI Towers, Inc.
CTI Towers, Inc. was formed in 2011 to own, operate, manage, and maintain wireless towers throughout the United States. The company's headquarters are just outside of Boston in Franklin, Mass. The company was started with an investment from Comcast Ventures and presently owns or manages a portfolio of approximately 800 towers in 39 states. The company leases tower space to wireless carriers and others with similar requirements. CTI Towers strives to work with its customers to meet the critical deadlines for network deployment and new cell sites. CTI Towers allows its customers to control much of the process to facilitate the deployment of the network.