AT&T agreed to acquire nationwide spectrum licenses from EchoStar for approximately $23 billion, adding an average of ~50 MHz across low-band and mid-band frequencies covering more than 400 U.S. markets. The package includes ~30 MHz of 3.45 GHz mid-band and ~20 MHz of 600 MHz low-band spectrum, bolstering AT&T’s 5G capacity and supporting its fixed-wireless “Internet Air” rollout. In parallel, AT&T and EchoStar amended their wholesale network pact, enabling EchoStar’s Boost Mobile to function as a hybrid MNO using AT&T’s network alongside its cloud-native 5G core.
For EchoStar, the deal addresses Federal Communications Commission (FCC) inquiries about spectrum utilization while providing liquidity to strengthen the company’s balance sheet. Boost Mobile customers will continue to receive service via AT&T’s network infrastructure, with additional roaming access to T-Mobile. Over time, parts of EchoStar’s radio access network will be decommissioned, shifting Boost’s operating model firmly toward hybrid MNO status. EchoStar expects to use proceeds to retire debt and invest in growth initiatives while continuing to evaluate options for its remaining spectrum portfolio.
Both companies reiterated that the transaction, expected to close by mid-2026 subject to regulatory approval, will not disrupt service for Boost Mobile customers. AT&T confirmed that the acquisition fits within its multi-year capex and fiber expansion targets, while EchoStar emphasized that the operations of DISH TV, Sling, and Hughes remain unaffected.
- AT&T will acquire ~30 MHz of 3.45 GHz and ~20 MHz of 600 MHz spectrum nationwide for ~$23B.
- Spectrum covers 400+ markets; supports AT&T’s 5G expansion and “Internet Air” fixed-wireless service.
- EchoStar resolves FCC spectrum inquiries; Boost Mobile shifts to hybrid MNO on AT&T’s network.
- EchoStar expects to retire debt and fund growth with sale proceeds; DISH TV, Sling, and Hughes unaffected.
- Deal expected to close mid-2026, pending regulatory approvals.
“This acquisition bolsters and expands our spectrum portfolio while enhancing customers’ 5G wireless and home internet experience in even more markets,” said John Stankey, AT&T chairman and CEO.
“I’m enormously proud of the EchoStar team for deploying the world’s first Open RAN network in record time… However, this spectrum sale to AT&T and hybrid MNO agreement are critical steps toward resolving the FCC’s spectrum utilization concerns,” said Charlie Ergen, co-founder and chairman, EchoStar.
🌐 Analysis: The transaction represents a turning point for both firms. AT&T gains valuable mid- and low-band spectrum to scale 5G capacity while positioning its fixed-wireless service as a bridge to fiber. For EchoStar, the sale relieves regulatory pressure, generates capital, and solidifies Boost’s transition into a hybrid MNO model rather than a fully independent facilities-based operator. The deal also follows AT&T’s recent open RAN commitments and aligns with broader U.S. efforts to optimize mid-band assets, as rivals Verizon and T-Mobile continue to build out 3.45 GHz and 600 MHz holdings.
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