Group 1: Spectrum Auction Insights - The FCC is expected to initiate the AWS-3 spectrum auction in the first half of 2026, aiming to raise $85 billion through the Middle Band Spectrum as part of the "Big and Beautiful Act" [2] - Major telecom players T-Mobile and Verizon are likely to participate in the upcoming auction, with SpaceX's Starlink also showing interest in expanding its mobile network business [2] - EchoStar plans to re-auction its AWS-3 DE spectrum in the same timeframe, with a stipulation to cover any shortfall if the auction price is below $3.3 billion [2] Group 2: Mergers and Acquisitions - Verizon's acquisition of Frontier is progressing well, with approvals in most states and California being the last hurdle, expected to be fully approved by the end of 2025 [3] Group 3: Broadcasting Ownership Regulations - The FCC may lift the 39% ownership cap for broadcast companies by the end of 2025, potentially allowing groups to own more than two TV stations in a single market and facilitating mergers between two TV networks [4]