Core Viewpoint - EchoStar is selling wireless spectrum licenses to AT&T for approximately $23 billion in an all-cash deal, which is part of efforts to address the Federal Communications Commission's (FCC) inquiries regarding spectrum utilization [2][4]. Group 1: Transaction Details - The transaction will provide AT&T with about 50 megahertz of mid-band and low-band spectrum, covering over 400 markets across the U.S. [1] - The deal is anticipated to close in mid-2026, subject to regulatory approval [1]. Group 2: Market Reaction - Following the announcement, EchoStar's stock surged more than 80% [2]. - AT&T's shares experienced a slight increase of less than 1% after the news [4]. Group 3: Regulatory Context - The FCC is investigating EchoStar's compliance with federal requirements for building a 5G network, prompted by complaints from SpaceX regarding underutilization of valuable mid-band spectrum [2][3]. - The agreement includes an expansion of network services, allowing EchoStar to operate as a hybrid mobile network operator under the Boost Mobile brand, which is seen as a critical step in addressing FCC concerns [4]. Group 4: Executive Statements - EchoStar's Chairman, Charlie Ergen, emphasized that the spectrum sale and hybrid MNO agreement are essential for resolving FCC's spectrum utilization issues [4]. - AT&T's CEO, John Stankey, described the deal as a beneficial opportunity for customers and expressed confidence that regulators would view it positively [4].

Core Insights - Array Digital Infrastructure, Inc. reported total operating revenues of $916 million for Q2 2025, a decrease of 1% from $927 million in Q2 2024 [1][10] - Service revenues were $736 million, down from $743 million year-over-year [1][10] - Net income attributable to Array shareholders increased to $31 million, up 80% from $17 million in the same period last year, with diluted earnings per share rising to $0.36 from $0.20 [1][10][15] Financial Performance - Total operating revenues for the first half of 2025 were $1.807 billion, a decline of 4% compared to $1.877 billion in the first half of 2024 [15] - Operating income for Q2 2025 was $35 million, down 4% from $36 million in Q2 2024 [15] - Adjusted EBITDA for Q2 2025 was $254 million, a decrease of 6% from $268 million in Q2 2024 [21][25] Operational Highlights - The company completed the sale of its wireless operations and select spectrum assets to T-Mobile for $4.3 billion, which includes cash and assumed debt [10] - Array has 4,400 towers and a new Master License Agreement with T-Mobile, providing a stable revenue stream and growth opportunities [3][7] - Third-party tower revenues increased by 12% year-over-year [10] Future Transactions - Pending spectrum transactions with Verizon and AT&T are expected to close in the second half of 2025 and Q3 2026, respectively, subject to regulatory approvals [4][5][10] - The company is not providing financial guidance for 2025 [5] Shareholder Returns - A special dividend of $23.00 per share was declared, payable on August 19, 2025 [10]