CINCINNATI BELL TO SEPARATE

06/01/1998

Cincinnati Bell Inc. has formed a new subsidiary, Convergys Corporation, to hold its billing and customer management businesses, CBIS and MATRIXX Marketing. Cincinnati Bell intends to take Convergys public and later spin it off in a tax-free distribution to Cincinnati Bell shareholders. The company said Convergys plans to file a registration statement in May with the Securities and Exchange Commission for an initial public offering of Convergys shares. The company expects the offering to be completed this summer, and the spin-off distribution several months later. In other news, CBIS was awarded two contracts for billing and subscriber management, one from Bell Atlantic for its direct broadcast satellite service and another from Time Warner Cable's Bakersfield, California, division which has 85,000 subscribers. Finally, Cincinnati Bell president and CEO John LaMachia announced at the company's annual meeting that he plans to retire after overseeing the separation of the company.

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