UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 5, 1997
CENTURY TELEPHONE ENTERPRISES, INC.
(Exact name of Registrant as specified in its charter)
Louisiana 1-7784 72-0651161
(State or other (Commission file (IRS Employer
jurisdiction of number) Identification No.)
incorporation)
100 Century Park Drive, Monroe, Louisiana 71203
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code - (318)388-9500
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Item 5. Other Events
The following press release was issued by Century Telephone Enterprises,
Inc. on May 6, 1997:
CENTURY TELEPHONE ENTERPRISES, INC.
NEWS RELEASE
FOR IMMEDIATE RELEASE FOR MORE INFORMATION CONTACT:
May 6, 1997 Media - Patricia Cameron
(318) 388-9674
[email protected]
Investors - Jeffrey S. Glover
(318) 388-9648
[email protected]
CENTURY COMPLETES TRANSACTION WITH BROOKS FIBER PROPERTIES, CREATES STRATEGIC
ALLIANCE, AND WILL REPORT A $70 MILLION PRE-TAX GAIN
Monroe, LA. . . . Century Telephone Enterprises, Inc. (NYSE Symbol: CTL)
has completed its previously announced transaction to form a strategic alliance
with Brooks Fiber Properties, Inc. (Nasdaq/NM: BFPT), a growing national
provider of telecommunications services. Effective May 5, 1997, Century merged
its majority-owned competitive local exchange carrier (CLEC) business, Metro
Access Networks, Inc. (MAN), with Brooks Fiber's operations. In exchange,
Century received 4.3 million shares or approximately 12 percent of Brooks'
common stock. Additionally, Century gained representation on Brooks' Board of
Directors, including a Vice Chairman position.
Century will report a pre-tax gain of approximately $70 million ($45
million after-tax; $.75 per share). "This transaction confirms the shareholder
value created as a result of Century's development of MAN," Glen F. Post, III,
president and CEO, said. "It also allows us to continue to participate, through
Brooks Fiber, in the dynamic opportunities the CLEC industry offers without
incurring additional earnings dilution from MAN."
The transaction provides future opportunities for Century and Brooks Fiber
to develop additional CLEC networks in Century's wireless markets in Michigan on
a 50/50 joint venture basis. Century will be able to purchase dedicated and
switched network services in certain markets in Texas and Michigan from Brooks
Fiber at favorable prices, and Brooks will be able to purchase from Century a
variety of operational or administrative services.
"This alliance is another strategic step to strengthen our full-service
communications offerings in our key wireless markets in Michigan," Post said.
Century Telephone Enterprises, Inc. provides a range of communications
services including local exchange, wireless, long distance and Internet access
to more than one million customers in 14 states. The company, headquartered in
Monroe, Louisiana, is publicly traded on the New York Stock Exchange under the
symbol CTL. Century is the 16th largest local exchange telephone company, based
on access lines, and the 12th largest cellular company, based on population
equivalents owned, in the United States.
Visit Century's corporate website at www.centurytel.com. ###
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CENTURY TELEPHONE ENTERPRISES, INC.
By: /s/ Murray H. Greer
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Murray H. Greer
Controller
Date: May 6, 1997
