Exhibit 99.1

Contact: Leah Stearns

Director, Investor Relations

Telephone: (617) 375-7500

AMERICAN TOWER CORPORATION REPORTS

THIRD QUARTER AND YEAR TO DATE 2010 FINANCIAL RESULTS

THIRD QUARTER 2010 HIGHLIGHTS

YEAR TO DATE 2010 HIGHLIGHTS

Boston, Massachusetts – November 5, 2010: American Tower Corporation (NYSE: AMT) today reported financial results for the three and nine months ended September 30, 2010.

Third Quarter 2010 Operating Results Overview

American Tower generated the following operating results for the three months ended September 30, 2010 (unless otherwise indicated, all comparative information is presented against the quarter ended September 30, 2009):

Total revenue increased 15.6% to $513.3 million, and rental and management segment revenue increased 16.1% to $499.8 million. Rental and management segment Gross Margin increased 16.5% to $388.0 million. Network development services revenue and Gross Margin were $13.5 million and $5.9 million, respectively. Total selling, general, administrative and development expense was $57.3 million, including $13.4 million of stock-based compensation expense. Adjusted EBITDA increased 15.1% to $350.0 million, and the Adjusted EBITDA Margin was 68%.

Rental and management segment revenue Core Growth was 11.6%, which excludes the positive impact of approximately 0.8% due to foreign currency exchange rate fluctuations and approximately 5.7% due to straight-line revenue recognition, and the negative impact of 2.0% as a result of a previously disclosed $6.7 million of one-time revenue related to a termination agreement with one of the Company’s broadcast customers, which occurred in the prior year period.

Straight-line revenue increased $25.6 million from the prior year period, which was primarily the result of the Company’s successful completion of customer contract extensions during 2010, and a master lease agreement renegotiation with one of its large U.S. customers during the third quarter. As a result of the new agreement, the Company maintained its historical escalation rate, extended the average remaining current lease term to an average of ten years and secured a multi-year minimum commitment for additional leasing and amendment new business above historical levels.

Core Growth in Adjusted EBITDA was 8.4%, which excludes the positive impact of approximately 0.5% due to foreign currency exchange rate fluctuations and approximately 8.9% due to straight-line revenue and expense recognition, and the negative impact of 2.7% as a result of the one-time revenue item from the prior year period, as further described above.

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Operating income increased 19.2% to $213.4 million, net income increased to $93.4 million and net income per basic and diluted common share both increased to $0.23. Recurring Free Cash Flow increased 11.1% to $228.9 million and Recurring Free Cash Flow per Share increased 11.8% to $0.57.

Cash provided by operating activities increased 7.6% to $258.2 million.

Jim Taiclet, American Tower’s Chief Executive Officer stated, “During the third quarter, we delivered superior revenue and Adjusted EBITDA performance on our existing asset base, while further extending our operations into key high growth international markets. Our development activity during the quarter included nearly tripling our portfolio in India to 7,600 communication tower sites and the launch of operations in two new countries in Latin America, Peru and Colombia. We also look forward to completing the announced acquisition of 1,400 towers in South Africa, our first entry into the Europe, Africa, Middle East (EMEA) region. We believe that our commitment to maximizing the operating leverage of our current business, while growing our asset base and international presence, positions us well for solid growth in the remainder of 2010 and beyond.”

Year to Date 2010 Operating Results Overview

American Tower generated the following operating results for the nine months ended September 30, 2010 (unless otherwise indicated, all comparative information is presented against the nine months ended September 30, 2009):

Total revenue increased 12.7% to $1,437.7 million, and rental and management segment revenues increased 13.5% to $1,400.1 million. Rental and management segment Gross Margin increased 13.4% to $1,089.2 million. Network development services revenue and Gross Margin were $37.6 million and $17.5 million, respectively. Total selling, general, administrative and development expense was $164.4 million, including $40.1 million of stock-based compensation expense. Adjusted EBITDA increased 12.6% to $982.5 million, and the Adjusted EBITDA Margin was 68%.

Operating income increased 17.2% to $580.9 million and net income was $289.4 million. Net income per basic and diluted common share increased to $0.72 and $0.71, respectively. Recurring Free Cash Flow increased 17.1% to $690.5 million and Recurring Free Cash Flow per Share increased 18.1% to $1.70.

Cash provided by operating activities increased 19.3% to $774.6 million.

Please refer to Non-GAAP and Defined Financial Measures on pages 4 and 5 for definitions of rental and management segment Gross Margin, network development services segment Gross Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Recurring Free Cash Flow, Recurring Free Cash Flow per Share and Core Growth. For additional financial information, including reconciliations to GAAP measures, please refer to the supplemental schedules of selected financial information on pages 9 through 12.

Third Quarter Investing Overview

Capital Expenditures - Total capital expenditures of $96.0 million included $54.3 million for discretionary capital projects, including spending to complete the construction of 196 wireless communications sites, and $23.3 million to purchase land under our towers. Additionally, the Company spent $12.6 million for capital improvements and corporate capital expenditures and $5.8 million for the redevelopment of existing sites to accommodate new customer equipment.

Acquisitions - As previously announced, on August 6, 2010, the Company completed its acquisition of 4,629 towers from Essar Telecom Infrastructure Private Limited (“ETIPL”) for a cash consideration of approximately $425.4 million. In addition, during the quarter the Company spent approximately $127.5 million to acquire an aggregate of 81 towers in the United States, 131 towers in Peru and 225 exclusive tower use rights in Colombia.

Stock Repurchase Program - The Company repurchased a total of 3.2 million shares of its Class A common stock for approximately $149.8 million pursuant to its stock repurchase program. The Company expects to continue to manage the pacing of this program in response to general market conditions and other relevant factors.

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Year to Date Investing Overview

For the nine months ended September 30, 2010, the Company spent approximately $228.5 million on capital expenditures, including $133.2 million on discretionary capital projects, $49.8 million on land purchases, $16.6 million for the redevelopment of existing sites to accommodate new customer equipment, and $28.9 million for capital improvements and corporate capital expenditures. In addition, the Company spent approximately $584.3 million on acquisitions and $346.2 million to repurchase 7.8 million shares of its Class A common stock pursuant to its stock repurchase program.

International Expansion Update

Latin America – Subsequent to the end of the third quarter, the Company has completed the acquisition of approximately 350 towers and 135 exclusive tower use rights in Latin America. In addition, the Company currently expects that it will complete the acquisition of over 1,200 towers and approximately 100 exclusive tower use rights in Latin America during the fourth quarter of 2010, subject to customary closing conditions.

South Africa Market Launch – On November 4, 2010, the Company entered into a definitive agreement with Cell C (Pty) Limited to purchase up to 1,400 existing towers, and up to 1,800 additional towers that are either under construction or will be constructed over the next two to three years, for an aggregate purchase price of up to approximately $430.0 million. The Company expects to purchase the existing towers by early 2011, subject to customary closing conditions.

Full Year 2010 Outlook

The Company is increasing the midpoint of its outlook for 2010 rental and management segment revenue and Adjusted EBITDA by $60 million and $48 million, respectively based on the following factors:

These estimates are based on a number of assumptions that management believes to be reasonable and reflect the Company’s expectations as of November 5, 2010. Actual results may differ materially from these estimates as a result of various factors, including fluctuations in foreign currency exchange rates, and we refer you to the cautionary language regarding “forward-looking” statements included in this press release when considering this information.

Rental and management segment revenue Core Growth, excluding the effect of non-cash straight-line revenue recognition, fluctuations in foreign currency rates and material one-time items for the full year 2010, is expected to be approximately 11%, based on the midpoint. Adjusted EBITDA Core Growth, excluding the effect of non-cash straight-line revenue and expense recognition, fluctuations in foreign currency rates and material one-time items for the full year 2010, is expected to be approximately 8%, based on the midpoint.

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Conference Call Information

American Tower will host a conference call today at 8:30 a.m. ET to discuss its financial results for the three and nine months ended September 30, 2010 and its updated outlook for 2010. Supplemental materials for the call will be available on the Company’s website, www.americantower.com. The conference call dial-in numbers are as follows:

US/Canada dial-in: (877) 235-9047

International dial-in: (706) 645-9644

Passcode: 21351821

When available, a replay of the call can be accessed until 11:59 p.m. ET on November 19, 2010. The replay dial-in numbers are as follows:

US/Canada dial-in: (800) 642-1687

International dial-in: (706) 645-9291

Passcode: 21351821

American Tower will also sponsor a live simulcast and replay of the call on its website, www.americantower.com.

About American Tower

American Tower is a leading independent owner, operator and developer of broadcast and wireless communications sites. American Tower currently owns and operates over 33,000 communications sites in the United States, Latin America and India. For more information about American Tower, please visit www.americantower.com.

Non-GAAP and Defined Financial Measures

In addition to the results prepared in accordance with generally accepted accounting principles in the United States (GAAP) provided throughout this press release, the Company has presented the following non-GAAP and defined financial measures: rental and management segment Gross Margin, network development services segment Gross Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Recurring Free Cash Flow, Recurring Free Cash Flow per Share, and Core Growth. The Company defines rental and management segment Gross Margin as operating income before depreciation, amortization and accretion, other operating expenses, stock-based compensation expense, corporate expenses, rental and management segment overhead, network development services segment overhead, network development services segment operating expenses, network development services segment revenue, plus interest income, TV Azteca, net. The Company defines network development services segment Gross Margin as operating income before depreciation, amortization and accretion, other operating expenses, stock-based compensation expense, corporate expenses, network development services segment overhead, rental and management segment overhead, rental and management segment operating expenses, and rental and management segment revenue. The Company defines Adjusted EBITDA as operating income before depreciation, amortization and accretion, other operating expenses, and stock-based compensation expense, plus interest income, TV Azteca, net. The Company defines Adjusted EBITDA Margin as the percentage that results from dividing Adjusted EBITDA by total revenue. The Company defines Recurring Free Cash Flow as Adjusted EBITDA before straight-line revenue and expense, plus interest income, less interest expense, cash paid for income taxes and cash payments related to redevelopment, capital improvement and corporate capital expenditures. The Company defines Recurring Free Cash Flow per Share as Recurring Free Cash Flow divided by the diluted weighted average common shares outstanding. The Company defines Core Growth in rental and management segment revenue and Adjusted EBITDA as the increase or decrease, expressed as a percentage, resulting from a comparison of financial results for a current period with corresponding financial results for the corresponding period in a prior year, in each case, excluding the impact of straight-line revenue and expense recognition, foreign currency exchange rate fluctuations, and material one-time items. These measures are not intended to replace financial performance measures determined in accordance with GAAP. Rather, they are presented as additional information because management believes they are useful indicators of the current financial performance of the Company’s core businesses.

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The Company believes that these measures can assist in comparing company performances on a consistent basis irrespective of depreciation and amortization or capital structure. Depreciation and amortization can vary significantly among companies depending on accounting methods, particularly where acquisitions or non-operating factors, including historical cost bases, are involved. Notwithstanding the foregoing, the Company’s measures of Rental and management segment Gross Margin, network development services segment Gross Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Recurring Free Cash Flow, Recurring Free Cash Flow per Share, and Core Growth may not be comparable to similarly titled measures used by other companies.

Cautionary Language Regarding Forward-Looking Statements

This press release contains “forward-looking statements” concerning the Company’s goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions, and other statements that are not necessarily based on historical facts. Examples of these statements include, but are not limited to statements regarding our full year 2010 outlook and expected net cash consideration and anticipated closing date of our pending acquisitions. Actual results may differ materially from those indicated in our forward-looking statements as a result of various important factors, including: (1) decrease in demand for our communications sites would materially and adversely affect our operating results and we cannot control that demand; (2) if our wireless service provider customers consolidate or merge with each other to a significant degree, our growth, revenue and ability to generate positive cash flows could be materially and adversely affected; (3) our leverage and debt service obligations may materially and adversely affect us; (4) restrictive covenants in the loan agreement for the revolving credit facility and term loan, the indentures governing our debt securities, and the loan agreement related to our securitization could materially and adversely affect our business by limiting flexibility; (5) we could suffer adverse tax and other financial consequences if taxing authorities do not agree with our tax positions, or we are unable to utilize our net operating losses; (6) due to the long-term expectations of revenue from tenant leases, we are sensitive to the creditworthiness and financial strength of our tenants; (7) our expansion initiatives may disrupt our operations or expose us to additional risk; (8) our foreign operations are subject to economic, political, and other risks that could materially and adversely affect our revenues or financial position, including risks associated with foreign currency exchange rates; (9) a substantial portion of our revenue is derived from a small number of customers; (10) we anticipate that we may need additional financing to fund future growth and expansion initiatives, to refinance our existing indebtedness and to fund our stock repurchase programs; (11) new technologies could make our tower leasing business less desirable to potential tenants and result in decreasing revenues; (12) we could have liability under environmental laws; (13) our business is subject to government regulations and changes in current or future laws or regulations could restrict our ability to operate our business as we currently do; (14) increasing competition in the tower industry may create pricing pressures that may materially and adversely affect us; (15) if we are unable to protect our rights to the land under our towers, it could adversely affect our business and operating results; (16) if we are unable or choose not to exercise our rights to purchase towers that are subject to lease and sublease agreements at the end of the applicable period, our cash flows derived from such towers would be eliminated; (17) our towers may be affected by natural disasters and other unforeseen damage for which our insurance may not provide adequate coverage; (18) our costs could increase and our revenues could decrease due to perceived health risks from radio emissions, especially if these perceived risks are substantiated; and (19) our historical stock option granting practices are subject to ongoing governmental proceedings, which could result in fines, penalties or other liability. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the information contained in Item 1A of our Form 10-Q for the quarter ended June 30, 2010 under the caption “Risk Factors.” We undertake no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.

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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands, except per share data)

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

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UNAUDITED SELECTED FINANCIAL INFORMATION

(In thousands, except where noted. Totals may not add due to rounding.)

SELECTED BALANCE SHEET DETAIL:

SELECTED STATEMENT OF OPERATIONS DETAIL:

The following table reflects the estimated impact of foreign currency exchange rate fluctuations, straight-line revenue and expense recognition and material one-time items on rental and management segment revenue and Adjusted EBITDA:

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UNAUDITED SELECTED FINANCIAL INFORMATION

(In thousands, except where noted. Totals may not add due to rounding.)

Rental and management segment straight-line revenue and expense:

In accordance with GAAP, the Company recognizes rental and management segment revenue and expense related to non-cancelable customer and ground lease agreements with fixed escalations on a straight-line basis, over the applicable lease term. As a result, the Company’s revenue recognized may differ materially from the amount of cash collected per customer lease, and the Company’s expense incurred may differ materially from the amount of cash paid per ground lease. Additional information regarding straight-line accounting can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009. A summary of rental and management segment straight-line revenue and expense, which represents the non-cash revenue and expense recorded due to straight-line recognition, is as follows:

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UNAUDITED RECONCILIATIONS TO GAAP MEASURES AND

THE CALCULATION OF DEFINED FINANCIAL MEASURES

(In thousands, except where noted. Totals may not add due to rounding.)

The reconciliation of Operating income to Adjusted EBITDA and the calculation of rental and management segment Gross Margin, network development services segment Gross Margin, Recurring Free Cash Flow, Recurring Free Cash Flow per Share and Adjusted EBITDA Margin are as follows:

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UNAUDITED RECONCILIATIONS OF OUTLOOK TO GAAP MEASURES AND DEFINED FINANCIAL MEASURES

(In millions, except where noted. Totals may not add due to rounding.)

The reconciliation of Income from continuing operations to Adjusted EBITDA outlook is as follows:

The calculation of Core Growth outlook is as follows:

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