Will T, VZ/FYBR and CHTR or Musk Come Out on Top with BEAD Revisions?
While the Trump Administration and Congressional Republicans have sent some signals about how they will revise the $42.5 Billion Biden Broadband Equity, Access and Deployment (BEAD) program, there has been no definitive word yet on key issues regarding those revisions. That may change today, when there is a congressional hearing on the program. In this note, we review the potential changes from the investor perspective, with a focus on the relative benefits to wireline broadband providers (particularly T, VZ/FYBR, CHTR) versus satellite broadband providers (particularly Starlink), as well as the implications for fixed wireless (TMUS, VZ and T.)AT&T is a holding company. Through its subsidiaries, the company is a provider of telecommunications, media and technology services. The company's Communications segment provides wireless and wireline telecom, video and broadband services. The company's WarnerMedia segment includes media and entertainment businesses that principally develop, produce and distribute feature films, television content, and other content globally; and operate digital media properties. The company's Latin America segment provides entertainment services in Latin America and wireless services in Mexico. The company's XANDR segment relies on using data from its customer relationships, to develop digital and video advertising that is relevant to consumers.
Charter Communications is a holding company. Through its subsidiaries, the company is a cable operator and a broadband communications company providing video, Internet and voice services. The company also provides its mobile service to residential customers. In addition, the company sells video and online advertising inventory to local, regional and national advertising customers and communications and managed solutions to enterprise customers. The company also owns and operates regional sports networks and local sports, news and community channels. The company owns and operates a two-way telecommunications network which passes various households and small and medium businesses across United States.
Verizon Communications is a holding company. Through its subsidiaries, the company provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The company has two reportable segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business). The company's Consumer segment provides consumer-focused wireless and wireline communications services and products under the Verizon brand and through wholesale and other arrangements. The company's Business segment provides, among others, wireless and wireline communications services and products, video and data services, corporate networking solutions, security and managed network services.
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