American Tower Corporation to Acquire Towers and Enter into Build-To-Suit Agreement with Dobson Communications Subsidiary.

BOSTON--(BUSINESS WIRE)--July 8, 1999--

American Tower Corporation (NYSE:AMT) today announced that it has signed a definitive agreement to acquire 108 wireless communication towers from Dobson Tower Company and build a minimum of 65 towers for Sygnet Communications, Inc. Both Dobson Tower and Sygnet Communications are subsidiaries of Dobson Communications Corporation, based in Oklahoma City, Oklahoma.

The cash transaction is estimated to be valued at $39 million. The 108 existing towers are primarily located along interstate and major state highways in western New York and Pennsylvania and eastern Ohio. The 65 build-to-suit towers may be developed in Sygnet licensed areas. The agreement provides Sygnet, which once owned and operated the towers being purchased, with a ten-year lease and three five-year renewal terms for existing towers and future build-to-suit sites.

"We believe this agreement provides significant value and upside to our company," stated Steven Moskowitz, American Tower's Executive Vice President and General Manager of the Northeast region. "The towers are in superb locations, both in terms of population coverage and future wireless carrier expansion plans. The towers were built with quality in mind and have plenty of available capacity. Our anchor tenant lease terms with Sygnet are attractive. Furthermore, as we provide deployment solutions to Sygnet, we look towards increasing the sales of our products and services and truly partnering with them in the future."

American Tower is a leading independent owner, operator and developer of broadcast and wireless communications sites in the United States and, giving effect to this and other pending transactions, operates more than 4,100 towers, including 195 broadcast tower sites, in 44 states and the District of Columbia. Based in Boston, American Tower has a national footprint with regional hubs in Boston, Atlanta, Chicago, Houston and San Francisco. Through its wholly owned subsidiary, ATC Teleports, Inc., American Tower also owns and operates, giving effect to pending transactions, over 100 satellite antennas in various locations across the United States. For more information about American Tower Corporation and ATC Teleports, please visit our web sites www.americantower.com and www.atcteleports.com.

This press release contains "forward-looking statements" concerning future expectations, plans or strategies that involve a number of risks and uncertainties. The Company wishes to caution readers that certain factors may have affected the Company's actual results and could cause results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. Such factors include, but are not limited to (i) substantial capital requirements and leverage principally as a consequence of its ongoing acquisitions and construction activities, (ii) dependence on demand for wireless communications, use of satellites for internet data transmission, and implementation of digital television, (iii) the success of the Company's tower construction program and (iv) the successful operational integration of the Company's business acquisitions. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.