T-Mobile US Agrees to Acquire Layer3 TV; Maintaining Our FVE and No-Moat Rating
T-Mobile US announced Dec. 12 that it has agreed to acquire Layer3 TV, a pay television distributor. Management says it will use the same "uncarrier" strategy that it used to "disrupt" the wireless telecom business to "disrupt" the pay TV market. While we agree that many people are frustrated with their pay TV providers, we struggle to see how T-Mobile can offer a competitive video product profitably. Its uncarrier moves have allowed T-Mobile to gain the majority of net new wireless subscribers ...T-Mobile US provides mobile communications services, including voice, messaging and data, under its brands, T-Mobile and Metro? by T-Mobile, in the United States, Puerto Rico and the United States Virgin Islands. The company provides mobile communications services using its 4G Long-Term Evolution network and its 5G technology network. The company also provides various wireless devices, including handsets, tablets and other mobile communication devices, and accessories for sale, as well as financing through Equipment Installment Plans and leasing through JUMP! On Demand?. The company provides reinsurance for handset insurance policies and extended warranty contracts offered to its mobile communications customers.
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