Metromedia Fiber Gains on Sprint Contract

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Metromedia Fiber

(MFNX)

was gaining on news it agreed to lease fiber in several cities to

Sprint

(FON)

.

Sprint will lease fiber-optic infrastructure in Boston, Los Angeles, Chicago, Dallas, Houston and other cities starting in the second quarter of 2002.

In premarket Instinet trading, Metromedia Fiber was up 17 cents, or 31%, to 72 cents a share.