reports
- Blair Levin
- Jonathan Chaplin
- Blair Levin
Translating Carr on SATS
Yesterday, at the post FCC open meeting press conference, Chairman Carr made some comments about the situation with SATS. In this note, we report on the comments as well as providing a translation, as the words on their face do not indicate where he thinks the process is heading but they do, if interpreted properly, indicate where he would like it to go. In addition, we tie Carr’s comment to the Bloomberg report that Ergen is seeking a 30-day reprieve from creditors.
- Blair Levin
- Jan Frederik Slijkerman
TMT 1Q25 results: Verizon, T-Mobile US, AT&T and IBM/Most value in 4-y...
The three largest mobile telecom operators in the USA - Verizon, T-Mobile USA, and AT&T - continue to perform well. IBM's performance also looks solid. Notable was the strong EBITDA performance for all three mobile telecom operators. We think the notes with a duration of c.4 years look attractive on a spread basis, while the steepness of the spread curve looks healthy. Furthermore, the Euro notes of T-Mobile US with a somewhat longer duration look attractive.
- Blair Levin
As SATS Chapter 11 Clock Clicks Down, Does FCC Need to Act?
On May 30th, SATS declined to make an $326 million interest payment. Given the automatic 30-day grace period, that means SATS must either make the payment by June 30th or it goes into default. Per President’s Trump’s instructions, Chairman Carr is supposed to be negotiating with Charlie Ergen to see if there is a path to avoid bankruptcy. In this note we discuss what we know and cannot know about those negotiations.
New “Verizon Frontline Verified” partner - Semtech
New “Verizon Frontline Verified” partner - Semtech Semtech AirLink XR60 5G router supports the Verizon Frontline Network Slice BASKING RIDGE, N.J., June 25, 2025 (GLOBE NEWSWIRE) -- Verizon Frontline today announced that several products from Semtech, formerly Sierra Wireless, have achieved “Verizon Frontline Verified” status. This includes the which supports the recently-launched Verizon Frontline Network Slice. The AirLink® XR60 5G Router is military-grade and delivers high-performance 5G and Wi-Fi 6 connectivity with intelligent hot failover to help maintain mission-critical commun...
Verizon contributes $10K in response to devastating flooding in West V...
Verizon contributes $10K in response to devastating flooding in West Virginia WHEELING, W.Va., June 25, 2025 (GLOBE NEWSWIRE) -- On June 15, devastating heavy rains and flash flooding severely impacted Ohio and Marion counties in West Virginia. This rare event saw up to 3 to 4 inches of rainfall in less than an hour in localized areas. Multiple fatalities and extensive damage to roads, bridges, buildings and homes have been reported. Thousands were left without power and the National Guard has been mobilized to support local emergency operations. In response to this disaster, Verizon is ...
Verizon Business wins multisite private 5G contract fueling a multibil...
Verizon Business wins multisite private 5G contract fueling a multibillion dollar regeneration project What you need to know: Verizon Business, in collaboration with Nokia, will deliver multiple Verizon Private 5G Networks to industrial campuses across the Thames Freeport, one of the UK’s busiest maritime logistics and manufacturing regions. The Thames Freeport is a designated UK “Free Trade Zone,” established to boost economic growth, create high-value jobs and attract global investment as part of a long-term effort to revive the UK’s River Thames Estuary region.Thames Freeport will use V...
Verizon, America’s Most Reliable 5G Network, Launches Industry-Leading...
Verizon, America’s Most Reliable 5G Network, Launches Industry-Leading, AI Powered Customer Experience Innovations Leads Most Significant Transformation Across Stores, Support and Digital Services with AI powering more personalized experiences NEW YORK, June 24, 2025 (GLOBE NEWSWIRE) -- Verizon today announced its most significant customer experience transformation, designed to empower customers with easier, more personalized support. This evolution, a key component of Verizon's multi-year consumer strategy, introduces immediate and ongoing enhancements across customer care, digital ser...
Verizon establece un nuevo estándar en la experiencia del cliente
Verizon establece un nuevo estándar en la experiencia del cliente Lanza la transformación más significativa en tiendas, soporte y servicios digitales NUEVA YORK, June 24, 2025 (GLOBE NEWSWIRE) -- Verizon anunció hoy su transformación más significativa en la experiencia del cliente, diseñada para brindarles a los clientes un soporte más fácil y personalizado. Esta evolución, un componente clave de la estrategia del consumidor multianual de Verizon, introduce mejoras inmediatas y continuas en la atención al cliente, los servicios digitales y tiendas minoristas, liderando la industria en t...
Verizon announces final results of its private exchange offers for 10 ...
Verizon announces final results of its private exchange offers for 10 series of notes and related tender offers open to certain investors NEW YORK, June 23, 2025 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (“Verizon”) (NYSE, Nasdaq: VZ) today announced the final results of its Exchange Offers (as defined below) and its Cash Offers (as defined below). Exchange Offers The first transaction consists of 10 separate private offers to exchange (the “Exchange Offers”) any and all of the outstanding series of notes listed in the table below (as used in the context of the Exchang...
- Blair Levin
Rethinking BEAD 2.0 as States Rethink Their Options
Earlier this month, as expected, Secretary of Commerce Lutnick released new rules for BEAD, requiring all the states to rebid and prioritizing the lowest cost option. Our initial reaction was that the new rules would shift funds from fiber to satellite, a negative for wired providers including CMSCA, CHTR, T, and VZ/FYBR. We still think that but in talking to numerous stakeholders, that magnitude of the shift may be less than we initially thought. In this note we examine two themes that have ...
Verizon announces expiration and preliminary expiration date results o...
Verizon announces expiration and preliminary expiration date results of its private exchange offers for 10 series of notes and expiration of related tender offers open to certain investors NEW YORK, June 20, 2025 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (“Verizon”) (NYSE, Nasdaq: VZ) today announced the expiration and preliminary expiration date results of its Exchange Offers (as defined below) and the expiration of its Cash Offers (as defined below). Exchange Offers The first transaction consists of 10 separate private offers to exchange (the “Exchange Offers”) any and a...
- Blair Levin
- Jonathan Chaplin
Mobile and broadband pair trades to consider this summer
While we have been intensively focused on such things as a Presidential intervention to prevent a Chapter 11, we admit that our mind occasionally drifts to thoughts of summer. So to help others who may have similar thoughts, we thought, in honor of summer beginning, we should provide our thoughts as to which alcohols pair best with the purchase of the stocks we cover (actually, we just asked ChatGPT and, given its attitude about intellectual property, we have no fears about just cutting and pas...
- Blair Levin
Updates on VZ in CA and Upcoming SCOTUS Decision on USF
Verizon just filed a response to questions raised by the California Public Utilities Commission (CPUC) related to DEI and the Supreme Court, as early as today but no later than the end of month, will rule on the case challenging the legality of the current framework for the Universal Service Fund (USF). In this quick note, we analyze the VZ filing and the likely outcomes and impacts of the Court ruling.
Verizon announces pricing terms of its private exchange offers for 10 ...
Verizon announces pricing terms of its private exchange offers for 10 series of notes and related tender offers open to certain investors NEW YORK, June 18, 2025 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (“Verizon”) (NYSE, Nasdaq: VZ) today announced the pricing terms of its two previously announced related transactions to repurchase 10 series of its outstanding notes listed in the tables below. Exchange Offers The first transaction consists of 10 separate private offers to exchange (the “Exchange Offers”) any and all of the outstanding series of notes listed in the table below (a...
- Blair Levin
VZ/FYBR Faces California Trump Transaction Trap
The VZ/FYBR deal obtained approval from the FCC by providing a letter modifying its DEI efforts. That letter, however, has raised issues with the California Public Utilities Commission (CPUC), which also must approve the deal. In this note we analyze the interplay of the demands of the FCC and CPUC and how we think the situation may be resolved.
- Blair Levin
Trump Mobile: Just Another MVNO or Game Changer?
As we noted Friday, the Trump Organization is entering the mobile services market. Our New Street colleagues have published a note comparing the Trump offering to other wireless services. In this policy focused note we discuss the potential relationship with the SATS proceedings, the potential conflicts of interests, the track record of such Trump consumer offerings, the potential conflicts of interests, and how regulation could shape MVNO and wireless markets.
- Blair Levin
SATS v. Carr State of (the) Play: Curtain Raises on Act II
Last Friday, Bloomberg reported on a meeting at the White House between the President, FCC Chair Carr and EchoStar Chair Charlie Ergen. We provided quick thoughts on the implications of the meeting Friday afternoon. In this note we update our overall analysis on where the conflicts between Carr and SATS stands and how we think those issues will play out post the Presidential involvement.
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