MFN to Acquire SiteSmith

NEW YORK -- Metromedia Fiber Network, Inc. (MFN) (NASDQ: MFNX), the leading provider of end-to-end optical network solutions, announced today a definitive agreement to acquire SiteSmith, Inc., a leading provider of Internet infrastructure management services. As of yesterday's closing price of MFN common stock, the all-stock transaction is valued at approximately $1.36 billion. The transaction is expected to close by the end of the year and is subject to customary conditions.

"Global 2000 companies are moving their businesses and mission-critical applications onto the Internet. This requires an infrastructure partner who can scale to provide and manage a highly-reliable, high-performance and secure Internet presence worldwide," said Nicholas M. Tanzi, president and chief operating officer of Metromedia Fiber Network. "SiteSmith extends MFN's unique offering and allows us to address all of the managed Internet infrastructure requirements of businesses globally. The merger extends our deep and long-lasting relationships with our customers and further leverages the value of our global optical IP infrastructure."

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