1.   American Radio Systems Corp., for example, is the largest owner in the U.S. and has been buying other tower companies.

2.   American Radio has been buying other tower companies, and analysts have said it might spin off or sell shares in the business to help finance its expansion.

3.   But finding potential investors to help bankroll acquisitions is no problem for tower companies.

4.   Dodge will stay on as chief executive of the spun off tower company.

5.   He was in the United States to scout locations in Las Vegas, Texas and California and to talk to tower construction companies.

6.   Most of those deals call for the tower company to build hundreds or even thousands of additional towers for the carrier.

7.   SPIG operates SPIG SpA, an Italian cooling tower company, and COFIMCO, which manufactures aluminum fan assemblies and fiberglass components for cooling towers.

8.   Some tower management companies have amassed impressive lists of customers.

9.   The answer seems to be that a tower company might not be profitable now, but it can get funding from investors who expect a big payoff.

10.   The competition between television broadcasters and wireless communication services is giving rise to a new sub-industry of tower companies.