DISH Exits as a Standalone Carrier; Announces Plan to Use AT&T’s Network

DISH, through its parent company EchoStar, announced it will sell off its spectrum holdings and abandon its long-standing goal of operating as an independent national MNO. Pending regulatory approval, DISH plans to decommission its radio access network (RAN) and retain only its network core. Going forward, the company will operate as a “hybrid MNO,” using AT&T’s RAN to route traffic to DISH’s core network.

The majority of DISH’s spectrum has been sold to AT&T and SpaceX through multiple transactions.

Following the announcement, DISH cited “force majeure” in an attempt to terminate existing tower and rooftop leases. Tower companies have rejected this claim, maintaining that DISH remains contractually obligated to its payments. American Tower has already filed a lawsuit to enforce payment through the end of its MLA in 2036. Crown Castle’s MLA also runs through 2036, while SBA—without an MLA—has expirations primarily in 2027 and 2028. For now, all three tower companies report that DISH remains current on its lease obligations.

Tower Companies Face Headwinds, But Core Demand Remains Strong

Despite DISH and US Cellular both exiting the wireless operator business, tower companies reported organic growth above 5% (excluding Sprint churn). Application volumes remain elevated as carriers continue to densify their networks, and the spectrum auctions expected in 2027 should provide another catalyst as carriers deploy newly acquired spectrum.

SBA also announced a new MLA with Verizon that includes long-term site commitments and minimum colocation levels over the next decade—further reinforcing stable demand.

Carrier Competitive Dynamics Hold Steady

T-Mobile continues to lead the industry in subscriber growth, both gross and net, followed by AT&T and Verizon.

Competition in fixed wireless is intensifying as Verizon announced the acquisition of Starry, a fixed-wireless provider focused on multi-dwelling units (MDUs).

All major carriers have now signed direct-to-cell partnerships but continue to emphasize that the technology is complementary, not competitive, to their terrestrial networks.

 Market Watch: Developments Tower Owners Should Track

• US Cellular’s Tower Strategy Post-Sale: With the sale of its wireless business now finalized, Array Digital Infrastructure (formerly US Cellular) has outlined its tower plan. T-Mobile has until January 2028 to determine which sites it will retain. After that, Array expects 800–1,800 towers (20–40% of its portfolio) to become untenanted. The company will then begin renegotiating ground rents and evaluating decommissioning decisions on a site-by-site basis.
• Cable Operators Expanding Wireless Market Share: Comcast and Charter added more than 900,000 mobile lines this quarter. Both companies continue to rely on MVNO agreements and have reiterated they have no plans to build independent wireless networks.

Key Takeaway for Cell Tower Owners

The consolidation of DISH and US Cellular into AT&T and T-Mobile presents a near-term headwind for tower revenues. However, the fundamentals of the tower business remain strong: 

The Bottom Line: Industry consolidation may create short-term noise, but carrier investment, densification needs, and long-term MLAs continue to anchor the tower sector. Owners who stay proactive with their leases will be best positioned to capture value as the landscape evolves.

EARNINGS CALL SUMMARIES

Crown Castle reported 5.2% domestic tower organic growth in the second quarter when excluding the impact of Sprint churn. The company stated it continues to see leasing activity remain broad-based across its footprint. DISH represents approximately 5% of site rental revenue, but for now the company expects to be paid through 2036.

SBA reported a 5.3% gross, 1.6% net domestic organic growth rate year-over-year due to 3.7% churn, of which only 1-1.5% is non-Sprint. The company announced that it signed a long-term MLA with Verizon which does not affect the financial terms of existing leases and will provide for a minimum commitment to colocations over the next ten years. The company expects DISH churn in 2027 and 2028 when their initial lease terms come up for renewal.

American Tower reported approximately 4% net domestic organic tenant billing growth year-over-year, or over 5% when excluding the impact of Sprint churn, in what is expected to be the final quarter of Sprint churn. The company stated that its domestic application volume is up 20% year over year, and colocation application volume specifically is up 40%, although it still represents a small share of total application volume. DISH represents approximately 4% of site rental revenue in their US/Canada segment, but for now the company expects to be paid through 2036.

Verizon Wireless reported a total postpaid phone subscriber net loss of 7,000 for the quarter, driven by a net loss of 58,000 in the consumer segment and gain of 51,000 in its business segment, as well as a fixed wireless subscriber net gain of 261,000. The company announced the acquisition of Starry which is expected to help support its fixed wireless business, specifically focused on MDUs.

AT&T reported postpaid wireless subscriber net adds of 405,000 for the quarter as well as 270,000 subscriber additions for AT&T Internet Air, its fixed wireless service. The company stated that it has immediately started deploying the 3.45 GHz spectrum from EchoStar/DISH.

T-Mobile reported postpaid wireless subscriber net adds of 1,007,000 for the quarter and fixed wireless net adds of 506,000. The company increased its 2025 capex estimate by ~$500 million due to a network modernization and site optimization program, and after closing the US Cellular acquisition on August 1st immediately began migrating those customers onto T-Mobile’s network.

Dish announced they would be exiting the industry as an MNO. Through several transactions, they announced they would be selling the majority of their spectrum holdings and entering into a “hybrid MNO” relationship with AT&T wherein they would maintain their own core network but use AT&T’s RAN. Their own RAN is expected to be decommissioned once all deals close and integration is complete.

US Cellular closed its deal with T-Mobile, to sell its wireless operations and a portion of its spectrum, and additional spectrum sales to other carriers are in progress. The remaining company is a pure-play tower company with 4,400 cell towers and is being rebranded as Array Digital Infrastructure. T-Mobile has until January 2028 to determine which towers it wants to colocate on, at which point Array will have between 800-1,800 untenanted towers remaining.

Comcast and Charter reported that they added 414,000 and 493,000 wireless subscribers, respectively, for the quarter.