What AT&T Inc. told the SEC could break it.

AT&T's facilities-based wireless operations require FCC spectrum licenses and compliance with FCC rules; it agreed in August 2025 to buy 600 MHz and 3.45 GHz licenses from EchoStar for ~$23 billion (subject to regulatory approval) to expand its 5G network and meet capacity demand.

“On August 25, 2025, we agreed to purchase FCC licenses in the 600 MHz and 3.45 GHz bands from EchoStar for approximately $23,000, subject to certain adjustments. The transaction is expected to close in early 2026 and is subject to regulatory approval and other closing conditions.”

AT&T is actively exiting legacy copper-network operations across most of its wireline footprint, requiring migration of remaining ~2.1 million copper customers to fiber/wireless and cooperation with policymakers to decommission the network — an execution and regulatory risk.

“While building the network of the future, we are actively working to exit our legacy copper network operations across the large majority of our wireline footprint. Our exit strategy includes migrating customers to fiber and wireless alternatives, and working with policy-makers to decommission our inefficient and less reliable copper network.”

Suppliers have in limited circumstances been unable to supply products timely; because of the cost and time lag of transitioning suppliers, AT&T's business could be substantially disrupted if it had to replace one or more key suppliers' products, especially on short notice.

“Because of the cost and time lag that can be associated with transitioning from one supplier to another, our business could be substantially disrupted if we were required to, or chose to, replace the products of one or more key suppliers with products from another source, especially if the replacement became necessary on short notice.”