In short, three dominant competitors agreed to divide the spoils of a fourth competitor, with no involvement or opportunity for smaller competitors to have a chance at the spectrum or other assets. Unsurprisingly, this scheme works to the disadvantage of those smaller competitors, consumers, and new market entrants
UScellular, on the other hand, had argued that it was struggling to keep up with the competition and that the proposed transaction would enable its customers to receive better coverage. This became all the more apparent when it posted weak Q1 2025 results.
Public interest groups and smaller players who oppose the transaction have come up with a fresh perspective to prevent the FCC from approving the transactions: the deals should be reviewed collectively.
They have requested the FCC to “consolidate its review of the proposed transactions” for “an accurate review of competition.” They implied that if this were one transaction, it would have triggered an antitrust investigation.
That’s because, per the advocacy groups, the Big 3 are essentially trying to take over the spectrum assets of a fourth rival without giving the smaller players a chance to make a play for them. If all goes to plan, this will give AT&T, T-Mobile, and Verizon even more leverage over price and the flexibility to “limit innovation efforts.”
If the transactions are reviewed separately, the possible anticompetitive effects will be less clear.
As first reported by Fierce Wireless, Comcast also believes that the transactions will increase the dominance of the Big 3. Additionally, the company argues that Dish never stepped up to the challenge of becoming a strong competitor to the key players, and that mantle was instead taken up by Mobile Virtual Network Operators (MVNOs) like itself.
However, it is instead cable Mobile Virtual Network Operators (“MVNOs”) like Comcast that have emerged as a strong competitive force in the wireless marketplace since the T-Mobile/Sprint merger.
—Comcast, May 2025
T-Mobile last year bought MVNOs Mint Mobile and Ultra Mobile, and this year, it acquired fiber company Lumos. It also has its eyes on fiber service provider Metronet.
The FCC seems to be taking longer than usual to approve the UScellular transaction, which the company had hoped to close by mid-2025. T-Mobile execs are apparently not happy with the pace and have requested “expeditious action” in meetings with FCC officials.
