SBA Communications Corporation agrees to aquire Light Tower Wireless LLC

July 22, 2008

SBA Communications Corporation (Nasdaq:SBAC) ("SBA" or the "Company") and Light Tower LLC today announced that they have entered into a definitive agreement under which SBA will acquire Light Tower Wireless LLC (“Light Tower Wireless”), the wireless infrastructure subsidiary of Light Tower LLC. Light Tower Wireless owns 340 wireless communication tower sites in 23 states, five managed sites and five distributed antenna system (“DAS”) networks. The owned tower sites currently average 2.2 tenants per site. Light Tower Wireless is in the process of developing a number of additional towers and DAS networks.

“We are very pleased to have the opportunity to acquire Light Tower Wireless,” commented Jeffrey A. Stoops, SBA’s President and Chief Executive Officer. “We believe the tower assets are very high quality, with the substantial majority being built specifically for the independent tower ownership business in good locations with good structural capacities. We are also excited to make our first foray into the DAS business, which we believe will be an important niche in future wireless deployments and very complimentary to our core business of tower ownership.”

The purchase price to be paid by SBA to the seller will be (i) $204.0 million in cash plus 1.15 million shares of SBA Class A common stock, which shares shall be subject to certain volume limitations on transfer or, (ii) in the alternative at the seller's option, SBA will pay to the seller $224.0 million in cash. All cash to be paid by SBA shall be paid from a combination of existing cash resources and a draw under SBA’s existing and undrawn $335.0 million senior credit facility.

The transaction, subject to customary closing conditions, is expected to close on or before October 31, 2008. At closing, Light Tower Wireless is expected to be generating $18.0 to $19.0 million of annualized site leasing revenue and $13.0 to $14.0 million of annualized tower cash flow, based on anticipated monthly results for September 2008. SBA anticipates that the transaction upon closing will be immediately accretive to equity free cash flow per share.

Media Venture Partners advised Light Tower in the transaction.

LIghtower Fiber Networks

Lightower Fiber Networks is the premier provider of custom, high-capacity network services that ensure optimal application and business performance. Serving enterprise, government, carrier and data center customers, our comprehensive suite of fiber-based solutions is delivered across a robust, dense and highly-reliable network. The company offers over 20,000 route miles of network providing access to over 7,500 service locations throughout the Northeast, Mid-Atlantic and Chicago Metro with connectivity to critical international landing sites. Lightower Fiber Networks is headquartered in Boxborough, MA. For more information, visit www.lightower.com or call 1.888.LT.FIBER.

SBA

SBA is a leading independent owner and operator of wireless communications infrastructure in the United States. SBA generates revenue from two primary businesses - site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant towers to a variety of wireless service providers under long-term lease contracts. Since it was founded in 1989, SBA has participated in the development of over 35,000 antenna sites in the United States.

For additional information about SBA, please contact Pam Kline, Vice-President-Capital Markets, at (561) 226-9232 or visit our website at www.sbasite.com.