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Everybodys favorite cellphone provider, Sprint, who is suffering from defecting subscribers as well as serious bleeding from the bottom line has signed a deal to sell off 3,300 company owned towers for some quick cash.

Sprint Nextel today announced an agreement to sell approximately 3,300 towers to TowerCo for approximately $670 million in cash. Additionally, the two companies have entered into a long term leasing agreement where TowerCo will provide Sprint Nextel with wireless communications towers to support the company’s CDMA, iDEN and WiMAX networks.

“By leasing rather than owning these network facilities, we can better focus on our core business of providing communications services to consumers, businesses and government customers,” said Bob Azzi, senior vice president, Field Engineering and Operations, Sprint Nextel. “Significantly, this transaction provides Sprint Nextel with additional liquidity which gives us greater flexibility in managing our company.”

Sprint, word of advise… If you sell the cow you better expect to pay more for the milk. You read me here?

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