Filing Details

CUSIP No. 171871502

CUSIP No. 171871502

CUSIP No. 171871502

CUSIP No. 171871502

CUSIP No. 171871502

CUSIP No. 171871502

CUSIP No. 171871502

CUSIP No. 171871502

CUSIP No. 171871502

Item 1. Security and Issuer

This Amendment No. 21 to Schedule 13D on the Common Stock of Cincinnati Bell Inc. (the “Issuer”) is being filed on behalf of the undersigned to amend the Schedule 13D, as amended (the “Schedule 13D”) which was originally filed on January 9, 2008.  Unless otherwise indicated, all capitalized terms used herein but not defined herein shall have the same meanings as set forth in the Schedule 13D.

Item 2. Identity and Background

Item 2 to Schedule 13D is amended, in pertinent part, as follows:

This statement is being filed by Mario J. Gabelli (“Mario Gabelli”) and various entities which he

directly or indirectly controls or for which he acts as chief investment officer.  These entities, except for LICT Corporation (“LICT) and CIBL, Inc. (“CIBL”), engage in various aspects of the securities business, primarily as investment adviser to various institutional and individual clients, including registered investment companies and pension plans, and as general partner or the equivalent of various private investment partnerships or private funds and as a registered broker-dealer.  Certain of these entities may also make investments for their own accounts.

The foregoing persons in the aggregate often own beneficially more than 5% of a class of equity securities of a particular issuer.  Although several of the foregoing persons are treated as institutional investors for purposes of reporting their beneficial ownership on the short-form Schedule 13G, the holdings of those who do not qualify as institutional investors may exceed the 1% threshold presented for filing on Schedule 13G or implementation of their investment philosophy may from time to time require action which could be viewed as not completely passive.  In order to avoid any question as to whether their beneficial ownership is being reported on the proper form and in order to provide greater investment flexibility and administrative uniformity, these persons have decided to file their beneficial ownership reports on the more detailed Schedule 13D form rather than on the short-form Schedule 13G and thereby to provide more expansive disclosure than may be necessary.

(a), (b) and (c) - This statement is being filed by one or more of the following persons: GGCP, Inc.  (“GGCP”), GGCP Holdings LLC (“GGCP Holdings”), GAMCO Investors, Inc. (“GBL”), Associated Capital Group, Inc. (“AC”), Gabelli Funds, LLC (“Gabelli Funds”), GAMCO Asset Management Inc. (“GAMCO”), Teton Advisors, Inc. (“Teton Advisors”), Gabelli & Company Investment Advisers, Inc. (“GCIA”), Morgan Group Holding Co., (“MGH”), G.research, LLC (“G.research”), MJG Associates, Inc. (“MJG Associates”), Gabelli Foundation, Inc. (“Foundation”), Mario Gabelli, LICT and CIBL.  Those of the foregoing persons signing this Schedule 13D are hereinafter referred to as the “Reporting Persons”.

GGCP makes investments for its own account and is the manager and a member of GGCP Holdings which is the controlling shareholder of GBL and AC.  GBL, a public company listed on the New York Stock Exchange, is the parent company for a variety of companies engaged in the securities business, including certain of those named below.  AC, a public company listed on the New York Stock Exchange, is the parent company for a variety of companies engaged in the securities business, including certain of those listed below.

GAMCO, a wholly-owned subsidiary of GBL, is an investment adviser registered under the Investment Advisers Act of 1940, as amended (“Advisers Act”).  GAMCO is an investment manager providing discretionary managed account services for employee benefit plans, private investors, endowments, foundations and others.

GCIA, a wholly owned subsidiary of AC, is an investment adviser registered under the Advisers Act and serves as a general partner or investment manager to limited partnerships and offshore investment companies and other accounts.  As a part of its business, GCIA may purchase or sell securities for its own account.  GCIA is a general partner or investment manager of a number of funds or partnerships, including Gabelli Associates Fund, L.P., Gabelli Associates Fund II, L.P., Gabelli Associates Limited, Gabelli Associates Limited II E, ALCE Partners, L.P., Gabelli Capital Structure Arbitrage Fund LP, Gabelli Capital Structure Arbitrage Fund Limited, Gabelli Intermediate Credit Fund L.P., GAMA Select Energy + L.P., GAMCO Medical Opportunities L.P., and Gabelli Multimedia Partners, L.P.

G.research is a wholly owned subsidiary of MGH.  MGH in turn is controlled by AC through an 83% ownership interest.  G.research, is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (“1934 Act”), which as a part of its business regularly purchases and sells securities for its own account.

Gabelli Funds, a wholly owned subsidiary of GBL, is a limited liability company. Gabelli Funds is an investment adviser registered under the Advisers Act which provides advisory services for The Gabelli Equity Trust Inc., The Gabelli Asset Fund, The GAMCO Growth Fund, The Gabelli Convertible and Income Securities Fund Inc., The Gabelli Value 25 Fund Inc., The Gabelli Small Cap Growth Fund, The Gabelli Equity Income Fund, The Gabelli ABC Fund, The GAMCO Global Content & Connectivity Fund, The Gabelli Gold Fund, Inc., The Gabelli Multimedia Trust Inc., The Gabelli Global Rising Income & Dividend Fund, The Gabelli Capital Asset Fund, The GAMCO International Growth Fund, Inc., The GAMCO Global Growth Fund, The Gabelli Utility Trust, The Gabelli Utilities Fund, The Gabelli Dividend Growth Fund, The Gabelli Focus Five Fund, The Comstock Capital Value Fund, The Gabelli Dividend and Income Trust, The Gabelli Global Utility & Income Trust, The GAMCO Global Gold, Natural Resources, & Income Trust, The GAMCO Natural Resources Gold & Income Trust, The GDL Fund, Gabelli Enterprise Mergers & Acquisitions Fund, The Gabelli ESG Fund, Inc., The Gabelli International Small Cap Fund, The Gabelli Healthcare & Wellness ^Rx Trust, The Gabelli Global Small and Mid Cap Value Trust, Gabelli Value Plus+ Trust, Gabelli Merger Plus+ Trust Plc,  The Gabelli Global Financial Services Fund, The Gabelli Global Mini Mites Fund, The Gabelli Go Anywhere Trust, The Gabelli Media Mogul Fund, The Gabelli Pet Parents’ Fund, The Gabelli U.S. Treasury Money Market Fund, Bancroft Fund Ltd. and Ellsworth Growth & Income Fund Ltd. (collectively, the “Funds”), which are registered investment companies.  Gabelli Funds is also the investment adviser to The GAMCO International SICAV (sub-funds GAMCO Merger Arbitrage and GAMCO All Cap Value), a UCITS III vehicle.

Teton Advisors, an investment adviser registered under the Advisers Act, provides discretionary advisory services to The TETON Westwood Mighty Mites^sm Fund, The TETON Westwood Income Fund, The TETON Westwood SmallCap Equity Fund, TETON Westwood Intermediate Bond Fund, and The TETON Westwood Mid-Cap Equity Fund.

MJG Associates provides advisory services to private investment partnerships and offshore funds.  Mario Gabelli is the sole shareholder, director and employee of MJG Associates.   MJG Associates is the Investment Manager of Gabelli International Limited and Gabelli Fund, LDC.  Mario J. Gabelli is the general partner of Gabelli Performance Partnership, LP.

The Foundation is a private foundation.  Mario Gabelli is the Chairman, a Trustee and the Investment Manager of the Foundation. Elisa M. Wilson is the President of the Foundation.

LICT is a holding company with operating subsidiaries engaged primarily in the rural telephone industry. LICT actively pursues new business ventures and acquisitions. LICT makes investments in marketable securities to preserve capital and maintain liquidity for financing their business activities and acquisitions and are not engaged in the business of investing, or trading in securities. Mario J. Gabelli is the Chief Executive Officer, a director, and substantial shareholder of LICT.

CIBL is a holding company with interests in telecommunications operations, primarily in the rural telephone industry. CIBL actively pursues new business ventures and acquisitions. CIBL makes investments in marketable securities to preserve capital and maintain liquidity for financing their business activities and acquisitions and are not engaged in the business of investing, or trading in securities. Mario J. Gabelli is a director, and substantial shareholder of CIBL.

Mario Gabelli is the controlling stockholder, Chief Executive Officer and a director of GGCP and Chairman and Chief Executive Officer of GBL. He is the Executive Chairman of AC.  Mario Gabelli is also a member of GGCP Holdings. Mario Gabelli is the controlling shareholder of Teton.

The Reporting Persons do not admit that they constitute a group.

GAMCO is a New York corporation and GBL, MGH and Teton Advisors are Delaware corporations, each having its principal business office at One Corporate Center, Rye, New York 10580. GGCP is a Wyoming corporation and AC and GCIA are Delaware corporations each having its principal business office 191 Mason Street, Greenwich, CT 06830.   GGCP Holdings is a Delaware limited liability corporation having its principal business office at 191 Mason Street, Greenwich, CT 06830.  G.research is a Delaware limited liability company having its principal officers at One Corporate Center, Rye, New York 10580.  Gabelli Funds is a New York limited liability company having its principal business office at One Corporate Center, Rye, New York 10580.  MJG Associates is a Connecticut corporation having its principal business office at 191 Mason Street, Greenwich, CT 06830.  The Foundation is a Nevada corporation having its principal offices at 165 West Liberty Street, Reno, Nevada 89501.  LICT is a Delaware corporation having its principal place of business as 401 Theodore Fremd Avenue, Rye, New York 10580. CIBL, Inc. is a Delaware corporation having its principal place of business as 165 West Liberty Street, Suite 220, Reno, NV 89501.

For information required by instruction C to Schedule 13D with respect to the executive officers and directors of the foregoing entities and other related persons (collectively, “Covered Persons”), reference is made to Schedule I annexed hereto and incorporated herein by reference.

(d) – Not applicable.

(e) – Not applicable.

 (f) – Reference is made to Schedule I hereto.

Item 4. Purpose of Transaction

Item 4 to Schedule 13D is amended, in pertinent part, as follows:

                             Today, GAMCO, on behalf of its investment advisory clients, sent notice to the Issuer of its intent to nominate Mr. Timothy E. Baxter as a candidate for election by shareholders to the Board of Directors (the “Board”) of the Issuer at the Issuer's 2020 Annual Meeting of Shareholders (“Annual Meeting”).  A copy of the notice is attached as Exhibit A.  The intent to nominate Mr. Baxter is in addition to GAMCO’s previously announced intent to nominate Mr. Sugarman, Mr. Elliott, Mr. Abel, Mr. Putnam, Mr. Lisman and Mr. Liebau as candidates for election by shareholders to the Board of the Issuer at the Annual Meeting.

                            According to the Issuer, the deadline for shareholders to submit director nominations for consideration at the Annual Meeting is February 3, 2020.  GAMCO’s Proxy Voting Committee (the “PVC”) is submitting today’s nomination notice in order to preserve GAMCO’s right to nominate candidates at the Annual Meeting, as the PVC continues to evaluate the situation.

Item 5. Interest In Securities Of The Issuer

Item 5 to Schedule 13D is amended, in pertinent part, as follows:

(a) The aggregate number of Securities to which this Schedule 13D relates is 3,934,418 shares, representing 7.79% of the 50,475,896 shares outstanding.  This latter number of shares is arrived at by adding the number of shares reported as being outstanding in the Issuer’s most recently filed Form 10-Q for the quarterly period ended September 30, 2019 (50,420,700 shares) to the number of shares (55,196 shares) which would be receivable by the Reporting Persons if they were to convert all of the Issuer’s convertible preferred shares held by them into common shares.  The Reporting Persons beneficially own those Securities as follows:

              Mario Gabelli is deemed to have beneficial ownership of the Securities owned beneficially by each of the foregoing persons.  GCIA is deemed to have beneficial ownership of the Securities beneficially owned by G.research.  AC, GBL and GGCP are deemed to have beneficial ownership of the Securities owned beneficially by each of the foregoing persons other than Mario Gabelli and the Foundation.

(b) Each of the Reporting Persons and Covered Persons has the sole power to vote or direct the vote and sole power to dispose or to direct the disposition of the Securities reported for it, either for its own benefit or for the benefit of its investment clients or its partners, as the case may be, except that (i) GAMCO does not have the authority to vote 186,000 of the reported shares, (ii) Gabelli Funds has sole dispositive and voting power with respect to the shares of the Issuer held by the Funds so long as the aggregate voting interest of all joint filers does not exceed 25% of their total voting interest in the Issuer and, in that event, the Proxy Voting Committee of each Fund shall respectively vote that Fund’s shares, (iii) at any time, the Proxy Voting Committee of each such Fund may take and exercise in its sole discretion the entire voting power with respect to the shares held by such fund under special  circumstances such as regulatory considerations, and (iv) the power of Mario Gabelli, AC, GBL, and GGCP is indirect with respect to Securities beneficially owned directly by other Reporting Persons.

(c) Information with respect to all transactions in the Securities which were effected during the past sixty days or since the most recent filing on Schedule 13D, whichever is less, by each of the Reporting Persons and Covered Persons is set forth on Schedule II annexed hereto and incorporated herein by reference.

(e) Not applicable

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: January 30, 2020

GGCP, INC.

MARIO J. GABELLI

MJG ASSOCIATES, INC.

By:/s/ David Goldman

     David Goldman

     Attorney-in-Fact

TETON ADVISORS, INC.

GABELLI FUNDS, LLC

By:/s/ David Goldman 

     David Goldman

     General Counsel – Gabelli Funds, LLC

    Counsel-Teton Advisors, Inc.

  GAMCO INVESTORS, INC.

By:/s/ Kevin Handwerker 

     Kevin Handwerker

                General Counsel & Secretary – GAMCO Investors, Inc.

ASSOCIATED CAPITAL GROUP, INC.

GAMCO ASSET MANAGEMENT INC.

GABELLI & COMPANY INVESTMENT ADVISERS, INC.

By:/s/ Douglas R. Jamieson 

     Douglas R. Jamieson

                    President & Chief Executive Officer – Associated Capital

Group, Inc.

      President – GAMCO Asset Management Inc.

      President – Gabelli & Company Investment Advisers, Inc.

                                                                                                   SCHEDULE I

     Information with Respect to Executive

Schedule I to Schedule 13D is amended, in pertinent part, as follows:

                                SCHEDULE II

                            INFORMATION WITH RESPECT TO

                 TRANSACTIONS EFFECTED DURING THE PAST SIXTY DAYS OR

                 SINCE THE MOST RECENT FILING ON SCHEDULE 13D (1)

                                   SHARES PURCHASED        AVERAGE

                        DATE            SOLD(-)             PRICE(2)

 COMMON STOCK-CINCINNATI BELL INC.

          MJG ASSOCIATES, INC.

                      12/16/19            1,400-            7.5688

          GAMCO ASSET MANAGEMENT INC.

                       1/28/20              300-           13.7813

                       1/27/20            1,100-           13.4600

                       1/27/20              800-           13.4589

                       1/24/20            1,500-           13.7500

                       1/24/20           15,500-           13.7665

                       1/21/20           69,957-             *DO

                       1/13/20            2,000-           10.7600

                       1/13/20            1,000-           10.7558

                       1/10/20            2,200-           10.7306

                       1/10/20            8,000-           10.6599

                       1/09/20            4,600            10.5716

                       1/08/20              100-           10.5100

                       1/07/20            1,200-           10.5129

                      12/31/19            2,000-           10.5100

                      12/31/19              700-             *DO

                      12/31/19            1,400-             *DO

                      12/23/19            3,000            10.2924

                      12/23/19           50,000-           10.4348

                      12/23/19            1,000            10.3260

                      12/23/19           37,500-           10.4334

                      12/20/19            9,000             7.6267

                      12/20/19              400-            7.5700

                      12/20/19            9,700-            7.6274

                      12/20/19            2,000             7.6053

                      12/19/19           10,000             7.4202

                      12/19/19            1,000             7.4185

                      12/18/19            2,000-            7.4005

                      12/18/19            4,000-            7.4148

                      12/17/19           15,000-            7.4646

                      12/16/19            2,000-            7.5020

                      12/16/19            2,000-            7.6500

                      12/16/19            2,000-            7.6216

                      12/13/19            1,500-            7.4813

                      12/12/19              500-            7.5070

                      12/12/19            1,000-             *DO

                      12/11/19            1,380-            7.2677

                      12/10/19              600             7.1500

                      12/10/19            7,100-            7.2092

                      12/10/19              749-            7.1507

                      12/10/19              600-            7.1912

                      12/10/19              800-            7.1828

                      12/06/19              600-            7.2525

                      12/05/19              200-            6.7738

                      12/04/19            5,000-            6.7200

                      12/04/19            5,000             6.7200

                      12/04/19              800             6.4800

                      12/04/19           18,400-            6.7200

                      12/04/19              800-            6.6300

                      12/03/19           17,500-            6.4482

                      12/02/19           10,278-            6.3989

                      12/02/19              200-            6.3800

                      12/02/19            3,380-            6.4003

                      12/02/19               81             6.3998

                      12/02/19            2,000-            6.4400

                      12/02/19              500             6.3980

                      12/02/19               81-            6.3999

                      12/02/19            2,500-            6.4000

          TETON ADVISORS, INC.

                       1/24/20           10,000-           13.8405

                      12/23/19           20,000-           10.4435

                      12/13/19            8,800-            7.5155

                      12/13/19            3,000-            7.5090

          GABELLI FUNDS, LLC.

             GABELLI UTILITIES FUND

                      12/23/19           15,000-           10.4407

             GABELLI GLOBAL CONTENT & CONNECTIVITY FUND

                       1/03/20           30,000-           10.3623

                       1/02/20           14,000-           10.4537

                      12/31/19            4,001-             *DO

             GABELLI SMALL CAP GROWTH FUND

                      12/23/19           10,000-           10.4446

                      12/03/19            2,049             6.4800

                      12/02/19            1,951             6.3600

             GABELLI MULTIMEDIA TRUST INC.

                      12/20/19            4,000             7.6156

             GABELLI GO ANYWHERE TRUST

                       1/24/20            5,000-           13.7720

             THE GDL FUND

                      12/23/19            3,000            10.2924

             GABELLI ASSET FUND

                       1/24/20              300-           13.4000

                      12/11/19            7,000-            7.2300

                      12/02/19            8,000-            6.3988

             GABELLI ENTERPRISE M&A FUND

                      12/23/19            3,000            10.2924

                      12/16/19            5,000             7.4500

             GABELLI ABC FUND

                      12/23/19            3,000            10.2924

             GABELLI GLOBAL UTILITY & INCOME TRUST

                      12/23/19           18,817-           10.4446

PREFERRED STOCK-CINCINNATI BELL INC.

GAMCO ASSET MANAGEMENT INC.

1/06/20              100            47.9583

1/02/20              100            47.5267

                      12/31/19               37            47.4908

                      12/31/19              200            47.4909

                      12/26/19              100            46.6433

                      12/26/19              100            46.6433

                      12/23/19              375            46.8180

                      12/23/19              700            46.8180

          GABELLI & COMPANY INVESTMENTS ADVISERS, INC.

1/08/20              100            47.9796

                       1/07/20              300            47.9930

                       1/06/20              700            47.9583

                       1/03/20              100            47.5000

                       1/02/20              600            47.5267

                      12/31/19            1,300            47.4909

                      12/27/19              700            46.7495

                      12/26/19              800            46.6433

                      12/24/19              300            46.5894

                      12/23/19            7,000            46.8180

             GABELLI ASSOCIATES LIMITED II E

1/08/20              200            47.9796

                       1/07/20              100            47.9930

                       1/06/20              300            47.9583

                       1/03/20              100            47.5000

                       1/02/20              300            47.5267

                      12/31/19              700            47.4909

                      12/27/19              400            46.7495

                      12/26/19              300            46.6433

                      12/24/19              200            46.5894

                      12/23/19            3,700            46.8180

             GABELLI ASSOCIATES FUND II

                       1/06/20              400            47.9583

                       1/02/20              200            47.5267

                      12/31/19              300            47.4909

                      12/27/19              200            46.7495

                      12/26/19              300            46.6433

                      12/24/19              100            46.5894

                      12/23/19            2,300            46.8180

             GABELLI ASSOCIATES LIMITED

1/08/20              221            47.9795

                       1/07/20              200            47.9930

                       1/06/20              923            47.9582

                       1/03/20              117            47.5000

                       1/02/20              600            47.5267

                      12/31/19            1,200            47.4909

                      12/27/19              700            46.7495

                      12/26/19              800            46.6433

                      12/24/19              500            46.5894

                      12/23/19            7,600            46.8180

             GABELLI ASSOCIATES FUND

1/08/20              100            47.9796

                       1/07/20              300            47.9930

                       1/06/20              500            47.9583

                       1/03/20              100            47.5000

                       1/02/20              631            47.5267

                      12/31/19            1,200            47.4909

                      12/27/19              700            46.7495

                      12/26/19              600            46.6433

                      12/24/19              300            46.5894

                      12/23/19            6,500            46.8180

          GABELLI FUNDS, LLC.

             GABELLI EQUITY INCOME FUND

                      12/23/19              385-           48.4189

             THE GDL FUND

                      12/23/19            1,000            47.3210

             GABELLI MERGER PLUS+ TRUST PLC

                       1/08/20              200            47.9796

                       1/07/20              150            47.9930

                       1/06/20              355            47.9583

                       1/02/20              275            47.5266

                      12/31/19              544            47.4909

                      12/27/19              391            46.7494

                      12/26/19              300            46.6433

                      12/24/19              158            46.5894

                      12/23/19            3,200            46.8180

             GAMCO MERGER ARBITRAGE UCITS

                       1/09/20              200            48.0000

                       1/08/20              500            47.9796

                       1/07/20              970            47.9930

                       1/06/20            1,650            47.9583

                       1/03/20              350            47.5000

                       1/02/20            1,523            47.5266

                      12/31/19            3,293            47.4908

                      12/27/19            1,801            46.7495

                      12/26/19            1,700            46.6433

                      12/24/19            1,238            46.5894

                      12/23/19           17,801            46.8180

(1) UNLESS OTHERWISE INDICATED, ALL TRANSACTIONS WERE EFFECTED

    ON THE NYSE.

(2) PRICE EXCLUDES COMMISSION.

(*) RESULTS IN CHANGE OF DISPOSITIVE POWER AND BENEFICIAL OWNERSHIP.