AT&T Purchasing EchoStar Spectrum Licenses For $23 Billion
August 26, 2025 – AT&T has announced that it is purchasing spectrum licenses from EchoStar for roughly $23 billion. Specifically, “AT&T will acquire approximately 30 MHz of nationwide 3.45 GHz mid-band spectrum and approximately 20 MHz of nationwide 600 MHz low-band spectrum for approximately $23 billion in an all-cash transaction, subject to certain adjustments.” EchoStar’s spectrum licenses cover virtually every market across the U.S. – over 400 markets in total. The transaction is expected to close in mid-2026, subject to certain closing conditions, including regulatory approvals. Also, AT&T and EchoStar have agreed to enhance their long-term wholesale network services agreement, under which EchoStar will operate as a hybrid mobile network operator (MNO) with AT&T as the primary network services partner. In the press release announcing the deal, AT&T lists the following as key details of the transaction:
$23 billion acquisition will add an average of approximately 50 MHz of low-band and mid-band spectrum to AT&T’s holdings – covering virtually every market across the U.S. and positioning AT&T to maintain long-term leadership in advanced connectivity across 5G and fiber
Transaction powers improved and capital-efficient long-term growth by accelerating the Company’s ability to add converged subscribers with both 5G wireless and home internet services in more places
Leading AT&T network will enable continued EchoStar participation in wireless industry through long-term wholesale network services agreement
AT&T reiterates full-year 2025 financial guidance and capital return plans including an expected $20 billion of share repurchase capacity during 2025-2027
AT&T intends to begin deploying these mid-band licenses, which are compatible with its 5G network, as soon as possible
AT&T’s acquisition of EchoStar’s spectrum means the U.S. mobile wireless industry is essentially made up of the big three – T-Mobile, Verizon, and AT&T – and brings an end to regulatory efforts to have four nationwide carriers. In 2019, the U.S. Department of Justice reached a settlement with T-Mobile and Sprint, allowing the two mobile wireless providers to complete their merger. To help facilitate the settlement, DISH Network was added as a defendant to the action and (Proposed) Final Judgment, and T-Mobile and Sprint were required to divest spectrum, prepaid wireless businesses, cell sites, and physical assets to DISH. The merger of T-Mobile and Sprint shrunk the mobile wireless industry from four to three nationwide carriers, but the terms of the DOJ’s settlement propped up DISH as a new fourth nationwide mobile wireless carrier. In late 2023, EchoStar Corporation acquired DISH Network Corporation.
