2024 Year-End Review and TMT Predictions for 2025

As 2024 comes to an end, we’re looking back at the biggest trends in the Technology, Media, and Telecom sector throughout the year, ranging from advancements in AI and enterprise services to the shifting pay-TV landscape and beyond.

We’ll also reflect on the predictions for 2024 from last year’s Year End Letter to determine how well we anticipated the trends and shifts in the TMT landscape, as well as provide new predictions for 2025 and beyond.

2024 marked a year of strategic shifts, accelerated digital transformations, and new opportunities for the Technology, Media, and Telecom (TMT) industry. Firms across the sector are actively exploring ways to harness new technologies like Generative AI to enhance efficiency, improve customer experiences, and drive innovation.

At the same time, increased investment in B2B technology, ongoing network evolution, and convergence are creating fresh opportunities for growth. As we look toward 2025, we expect to see continued momentum in these areas, and have already begun collaborating with clients to develop strategic plans that capitalize on the latest trends shaping the telecom landscape. Here’s a deeper look into some of those trends…

The Fiber Broadband Association projects that 12 million US homes will be deployed with fiber in 2024 (up from nine million in 2023)[1], while the UK aims to connect 6.5 million homes to fiber in 2024 to achieve the government’s goal of 85% broadband coverage by 2025[2].

While rural connectivity remains a challenge for providers engaged in broadband expansion, an increasingly competitive market has led to faster broadband speeds at lower costs for consumers in the US and the UK.

This increased competition, plus the renewed focus on network convergence in both the UK and US, has accelerated provider M&A activity as they work to manage operational costs and expand network coverage (e.g., Verizon’s acquisition of Frontier Communications).

Providers are also starting to diversify their networks through network sharing agreements and greater adoption of Open Radio Access Networks (Open RAN) and Non-Terrestrial Networks (NTN), enhancing scalability and resilience.

Generative AI and public cloud environments will play a transformational role in enterprise operations in 2025, creating new opportunities while also raising cybersecurity and data privacy concerns that demand significant attention.

In the US and Europe, increasing M&A activity is anticipated as technological advancements drive innovation and expansion, while at the same time the higher interest rate environment and ongoing macroeconomic challenges are pressuring telecom companies to consolidate assets.

Wireless & Broadband

In 2024, we saw record levels of fiber deployment and significant M&A deals which are reshaping communications markets in Europe and North America.

Looking first at Europe, fiber-to-the-premise (FTTP) now reaches over 244 million households (~70%), with Belgium, the UK, and Germany having the highest build rate this year[3].

In the UK specifically, FTTP now passes over 18 million households with the addition of 5.7 million connections in the first half of 2024[4][5]. The majority of new fiber builds are being delivered by the largest firms, including CityFibre, Nexfibre, and Openreach, while many other AltNets in the UK have paused new construction to focus instead on take-up.

The economic climate continues to be challenging for some of the smaller firms, and we are seeing consolidation activity increase as a result. Prominent examples this year include CityFibre’s acquisition of Lit Fibre[6], and the mergers of Trooli with Axione[7] and Netomnia with Brsk[8].

The US also saw a surge in fiber deployment this year, with FTTP now covering over 50% of households. AT&T leads with over 28 million passings and plans to reach 30 million next year, aided by its Gigapower JV with BlackRock[9]. Meanwhile, other major players like Frontier and Brightspeed are continuing their fiber expansions, aiming to pass an additional 1.1 million[10] and 750K[11] households this year, well ahead of their targeted pace.

Fiber subscriptions have risen by over 10% YoY and are expected to grow to 12 million this year, boosting ARPUs across all major operators[12]. The upward trend is expected to continue, with US fiber revenues projected to grow at a CAGR of over 7% over the next eight years[13].

It’s been a busy year in the US when it comes to fiber M&As. T-Mobile and EQT’s bid to acquire Lumos in April was one of the first transformational deals of 2024[14]. Then in May, Uniti and Windstream announced they were to reunite[15]. T-Mobile was back again in July, teaming with KKR to acquire Metronet[16]. And finally, Verizon went public in September with a $20 billion all-cash bid for Frontier[17].

2024 also saw significant M&A between mobile operators. In the US, T-Mobile continued its M&A efforts, having also agreed to buy US Cellular’s wireless operations for $4.4 billion. If approved, T-Mobile will pick up US Cellular’s subscribers, network, retail locations, and over 30% of its spectrum[18].

In the UK, the approval of Vodafone’s acquisition of 3UK was huge news given the regulators in the UK (and Europe) have historically been wary of in-country mobile consolidation. To seal the deal, the combined entity committed to investing £11 billion in 5G infrastructure, capping selective tariffs and offering pre-set wholesale terms to MVNOs for three years[19]. Analysts expect the newly formed company to realize annual cost synergies of around £700 million by consolidating existing network assets and reducing future rollout costs[20].

Beyond mobile consolidation, fixed-mobile convergence (FMC) has gained further momentum in 2024 as telecom operators focus profitability and growth. These offers are already well established in many European countries, with examples like Telefónica’s Mi Movistar bundle enjoying 27.6% penetration[21]. The success of Mi Movistar and competing offers has propelled Spain to be a leader in FMC, with over 80% of fixed broadband subscriptions including mobile connectivity[22].

In the UK, Virgin Media O2’s Volt FMC offering, featuring benefits like a “WiFi Guarantee” and double mobile data, attracted over half a million new customers over the past year[23].

Italy’s telecom landscape is also shifting, with Swisscom’s €8 billion announced acquisition of Vodafone Italia[24]. If approved, the Fastweb-Vodafone merger will hold approximately 30% market share in both the fixed and mobile sectors[25].

While FMC has been a longstanding strategic priority for telecom operators in Europe, its importance in the United States has grown significantly in 2024. We saw major US carriers lean further into FMC, driven by supply-side goals such as cost optimization and competitive positioning. Mobile operators are increasingly leveraging their networks for fixed broadband, while traditional fixed platforms such as cable and Incumbent Local Exchange Carriers (ILECs) expand into wireless services. Nearly all major mergers, acquisitions, and product launches in 2024 have emphasized FMC benefits.

This year, we’ve also seen ISPs like Breezeline, WOW, and Windstream adding mobile services; Altice, Cox, and Astound continue investing in mobile; and Verizon and AT&T expanded Fixed Wireless Access (FWA) both within and outside of their footprints[26][27]. Additionally, Comcast and Charter are adding enhanced mobile features into their converged fixed offers[28].

Despite these efforts, subscriber demand for converged fixed and mobile offers in the US appears weak compared to other markets. Mobile subscriber growth at Comcast, Charter, and Altice continues to be steady, but slow. For AT&T and Verizon, market share gains have been modest: a 500 basis points higher mobile share in areas where they own fiber[29].

Regardless of demand, it appears convergence opportunities will continue to increase, providing consumers with more options to combine fixed and mobile services.

TV & Streaming

The global landscape of streaming and live TV evolved at a rapid pace in 2024, creating both fresh opportunities for some providers and considerable challenges for others.

The continued decline of cable television raises an important question for traditional TV networks: what role will live TV play in the growing world of binge-watching and streaming on-demand? According to a recent S&P Global survey of US consumers, about half of respondents identified sports and news as “extremely” or “very important” factors in their decision to subscribe to live television[30].

Source: S&P Global Market Intelligence Kagan, US Consumer Insights Survey, n=1,634

While live sports and cable news appear to be anchors to live TV in 2024, their futures are likely to diverge.

For sports, although level of interest is similar across age groups in the US and UK[31][32], there is a marked difference in how each generation watches sports: younger viewers prefer streaming platforms over traditional linear TV, as evidenced by a recent US Sportico poll[33].

This preference for digital platforms extends to news consumption as well. According to a Pew Research survey in the US, 86% of individuals aged 15-29 prefer consuming news on digital devices, while 60% of those aged 65 and older prefer traditional TV[34].

Not only are younger generations using digital devices more frequently, but they also prefer using non-traditional mediums to obtain their news. For instance, four in ten people under 30 in the US receive their news from social media influencers on platforms like Instagram, TikTok, X, and Facebook[35]. This is even more striking in the UK, where Ofcom reported 82% of younger individuals aged 16-24 receive news from social media[36].

Considering the most popular cable networks – and, therefore, the most profitable – are news related, this monumental shift in media consumption creates a clear challenge for cable providers on the decline.

Linear networks have attempted to adapt to consumer demands in the past, although their efforts have often fallen short. One prominent example is CNN+, a $300 million experiment that failed to gain foothold among US and UK audiences. CNN+ was shut down in April 2022 only weeks after launching, when peak viewership amounted to less than 10,000 subscribers[37].

Fast forward to this past November, when Comcast announced it would spin off its cable networks, including MSNBC and CNBC, into a new publicly traded company[38]. To the praise of investors, this move will allow Comcast to focus on more sustainable revenue streams, such as residential broadband, and potentially prompt other media conglomerates to adopt similar strategies.

While paid news services have struggled to launch, news networks have found success in free ad-supported streaming TV (FAST) providers such as Pluto TV. Looking at the offerings of the top 12 FAST channels in the US at the end of Q2 2024, news channels made up 24% of the total offerings[39]. BBC News Channel is also notably expanding its reach, launching on leading FAST platforms in the US, including Pluto TV and Xumo Play, earlier this year.

Streaming services that appeal to a specific political demographic have also seen success. GB News overtook Sky News for the first time in November in terms of monthly live viewership[40]. In the US, FOX’s streaming service, Fox Nation, amassed two million subscribers as of early 2024[41]. However, FOX’s strategy to center on lifestyle content rather than traditional news underscores the delicate transition of live news to paid streaming.

In contrast to news, direct-to-consumer streaming strategies for sports appear to be more successful. NFL Sunday Ticket, which YouTube TV gained the residential rights to in 2023 for $14 billion (over seven years), marked a turning point in sports streaming. Aside from some initial growing pains, reception was largely positive, especially when it came to added engagement features such as Multiview and integration with fantasy football platforms.

FuboTV, a streaming service focused on sports, also continues to grow, reporting a 24% YoY subscriber growth in Q2 of 2024[42]. This success prompted Disney, Fox, and Warner Brothers to consider getting into sports-focused streaming offers with their proposed platform, Venu. While currently blocked in an antitrust lawsuit from FuboTV, Venu aims to be a one-stop juggernaut for sports fans.

Meanwhile, London-based global sports streaming service DAZN surpassed 20 million global paid subscribers in 2023. DAZN is investing heavily in broadcasting rights to become a market leader in sports streaming, carrying ten-figure annual operating losses between 2021-23[43].

And it’s not only paid services competing for attention. In February, the European Broadcast Union (EBU) launched a direct-to-consumer sports streaming service, Eurovision Sport, offering free public access across Europe to leading sporting events such as the Olympics and professional soccer[44].

It’s clear that the divergence of streaming and pay-TV will continue into 2025 and beyond. The question now is: how can providers agilely and effectively adapt to this changing landscape going forward?

AI & Operational Efficiency

2024 saw the adoption of Artificial Intelligence (AI) explode across all industries, and TMT is no exception. In 2023, businesses tested the water with generative AI “GenAI” (think OpenAI’s ChatGPT, Microsoft’s Co-pilot). This year, many have embraced the technology and its transformative potential.

The telecommunications space is at the forefront of this adoption, with a recent survey finding that 70% of companies in the sector are using GenAI. This is well ahead of other industries, where the average adoption rate is 54%[45].

Within telecom, GenAI’s early adoption has most noticeably impacted automation efforts and customer experience. GenAI is enhancing customer service technologies such as Interactive Voice Response (IVR) systems and scripted chatbots to offer customers more intelligent services that can solve their problems faster.

In the UK, BT is using AI to identify scam/spam callers, reportedly already blocking over 20M offending calls[46]. This is not without irony, however: scammers are beginning to use AI tools to aid their attacks, including spam calls[47].

In addition to customer service, network optimization and predictive maintenance are emerging as key areas where GenAI is starting to have a substantial impact for providers.

Telecom operators such as AT&T are increasingly turning to AI-powered tools for managing network performance, predicting traffic demands, and automating fault resolution[48]. This is particularly valuable in reducing network downtime and improving performance, especially in complex, high-demand networks like 5G.

TMT leaders are increasingly leveraging partnerships with major tech players to deliver new AI strategies. T-Mobile’s recently announced partnership with OpenAI looks to develop an AI-decisioning platform trained on billions of US customer interactions. Analysts expect the partnership will reduce inbound customer contacts by 75% and significantly lower operational costs[49].

Across the pond, Vodafone has deepened its 10-year partnership with Google, leveraging its GenAI capabilities to boost service offerings and operational efficiencies across EMEA and Africa[50].

While the transformational benefits of AI in the telecom sector are increasingly clear, there are several risks and challenges companies had to navigate in 2024. A recent survey of telecom leaders’ views on AI highlighted a range of concerns: 83% cited data privacy, 80% data security, 60% ethical implications, and 54% in-house talent and skills[51].

Perceived risk around AI has heightened throughout the year, as seen from the introduction of the European AI Act in August 2024[52] and in AI becoming the focus of legislation around the world[53]. The proliferation of AI governance teams and Chief AI Officers in telecom companies is in part a response to this.

The environmental impact of AI is another area of concern given AI’s ever-increasing appetite for energy-intensive data center capacity[54]. Telecom companies will want to address this from a sustainability perspective while also looking for commercial opportunities to provide the infrastructure that makes AI at scale possible.

As the telecom industry embraces the full potential of AI, and GenAI in particular, it will be crucial for operators to balance the opportunities for efficiency and innovation with the security risks and environmental challenges that arise.

Enterprise Services

Enterprise services, and B2B more generally, continue to be seen as one of the best opportunities for revenue growth among TMT firms. In 2024, many operators doubled down on B2B through new partnerships, product launches, and internal reorganizations.

With providers seeing limited growth in traditional connectivity, there has been increasing attention on technology services beyond the core telecoms business. This is perhaps unsurprising given the addressable revenue in this adjacent segment is estimated to reach a trillion dollars by 2030[55].

The market growth is being propelled by digital transformation efforts and businesses migrating to public cloud to reduce costs and improve efficiency. In response, many providers are ramping up investments in Cloud Services, Cybersecurity, and IoT, alongside their Professional Services and Managed Services capabilities.

In 2024, a handful of providers went so far as to reorganize around future B2B opportunities. Examples include Korean operators, KT Corp and SK Telecom, who both plan to become “AICT” companies (AI + ICT)[56]; Proximus, which centralized its IT services in a new subsidiary “NXT IT”[57]; and the prominence given to the Business division in Vodafone’s major reorganization[58].

The other significant B2B theme this year has been the amount of activity in Network-as-a-Service (NaaS) and Network APIs.

The global NaaS market is estimated to reach $25.67 billion in 2024, with growth projected at $103.2 billion by 2029, at a CAGR of 32.1%[59]. The rapid expansion of AI, increasing demand for cloud and edge computing, and the growing need for scalable, flexible network infrastructure are fueling this growth.

2024 has been a transformative year for Network APIs, with advancements in monetization strategies, standardization efforts, security applications, and cross-industry collaborations.

The CAMARA project, led by the Linux Foundation and GSMA, has played a pivotal role in standardizing APIs. Its “Meta-Release Fall24” introduced 25 stable APIs designed for interoperability and developer adoption[60]. Additional use cases, such as anti-fraud, are beginning to emerge, with more expected to follow.

Many of us will recall previous industry efforts to capitalize on standard APIs, but it does seem that lessons have been learned from these earlier attempts. What is significant about this time is the proposed joint venture between Ericsson and some of the largest telecom operators to combine and sell network APIs on a global scale[61].

As the telecom industry continues to evolve in 2025 and beyond, the growing reliance on public cloud services and the expansion of Network-as-a-Service present both opportunities and challenges. Providers will continue leveraging these offers to innovate, enhance operational efficiency, and meet the increasing demand for scalable network infrastructure.

Reflecting on Our Predictions for 2024

Prediction 1: M&A activity in the UK will pick up as consolidation within the UK altnet sector begins to accelerate. A similar wave of consolidation will begin in the US, gaining momentum in 2025.

YES. CityFibre expanded its full fiber network by ~ 300,000 premises through the acquisition of Lit Fibre in May[62]. This was soon followed by Netomnia and Brsk’s June merger, making them the second largest altnet in the UK [63]. Others such as Community Fiber, G.Network, and Zzoom have all been linked with unconfirmed rumors. The US market also saw significant fiber M&A activity, with deals under review for Verizon acquiring Frontier and T-Mobile partnering with KKR and EQT to acquire Metronet and Lumos, respectively.

Prediction 2: The pace of AI deployments will speed up, resulting in increased adoption of public cloud solutions offered by major providers. Legacy application migrations will also increase, attracted by cost efficiencies and enhanced privacy measures. As public cloud’s share-of-wallet increases, customers will look to cost management measures.

YES. The adoption of AI for business functions reached 72% in 2024, up from only 50% in 2023[64]. The need for better scalability, cost efficiency, and enhanced security motivated companies to spend nearly $600 billion on cloud infrastructure and platform services in 2024, with a 21% YoY growth forecast[65]. Companies are readily developing AI tools to refactor legacy applications, monitor networks, identify cost-savings and improve overall service reliability. At the end of 2024, Microsoft launched the Azure AI Foundry SDK to accelerate the integration of AI in business applications while Amazon launched its own foundation AI, Nova.

Prediction 3: Increased AI deployment will result in notable negative public-facing incidents that will be highlighted within the media. This will intensify scrutiny and concerns over data security and user privacy, prompting a heightened focus on protective measures.

YES. The expanding access to AI capabilities has led to the rise of several key risks, including the spread of misinformation, political polarization, and AI-assisted hacking[66]. For example, London-based design and engineering company, Arup, lost $25 million after a Hong Kong employee was a target of a deepfake scam developed using AI technology[67]. Additionally, in the first half of 2024, there were over 1,571 data breaches[68], a 14% increase YoY. From a regulatory standpoint, the EU signed the world’s first comprehensive AI Act in August, setting the standards for responsible AI development amidst a background of risk and accountability[69].

Prediction 4: Specialist neutral hosts and private network operators are poised to advance investment in small cell development, assuming a more prominent role than MNOs in addressing this opportunity.

YES. With the global small cell market expected to grow with a CAGR of 25.3%[70], neutral hosts and private network operators are investing heavily. Globally, leading vendors such as Ericsson are focusing small cell marketing on deployments in hotels, hospitals, offices, and other private network sectors.

Prediction 5: As competition in the content streaming market intensifies and the need to establish profitable business models grows, we can expect additional M&A activity to take place. Moreover, a growing number of OTT providers will introduce additional ad-based tiers to boost their revenue streams.

YES. Fierce competition in the streaming market has continued in 2024, influencing significant M&A activity. Disney+’s merger with Hotstar in India gave the streaming giant a significant footprint (~26% market share) within the rapidly growing Indian market[71]. There has also been significant growth of ad-based tiers such as Amazon Prime Video’s new basic tier. Of the 160 million viewers auto-enrolled by Amazon, only 20% opted to pay more for an ad-free package, as customers increasingly look to cut streaming costs[72].

Prediction 6: Service Providers will increasingly integrate product benefits, such as enhanced data and broadband speeds, into their converged offers, adding value beyond traditional bundle package components.

YES. Telcos have added faster speeds and more diverse data options to their converged offers. Examples include Verizon’s bundle of Fios 300Mbps internet with a mobile plan; AT&T’s discount bundle offering 300Mbps+ fiber and mobile; and in the UK, Virgin Media’s Volt package providing faster broadband speeds and double mobile data. Perhaps Deutsche Telekom summed it up best with its family bundle slogan: “the future belongs to integrated offerings.”

Prediction 7: In the US, some states will see lower than anticipated participation in the BEAD program as a result of labor rate inflation and bid requirements, as some entities choose to sit on the sidelines.

MAYBE. Participation appears solid in the first few states that have reached the BEAD application phase. If these are representative of a wider trend, then providers have not been put off by inflation or other bid obligations[73]. However, the BEAD program is progressing slower than expected (largely due to individual state processes), so more information is needed before coming to a firm conclusion.

Prediction 8: The large-scale migration of compute and storage processes into the public cloud will continue as attitudes evolve, viewing it as the default location for internal and external facing workloads.

YES. The public cloud is becoming the default location for compute and storage, running 51% of workloads today (and 58% expected next year)[74]. Also, sentiment around migrating more workloads to the cloud increased from 44% to 58% YoY global market now $636.5B and expected to experience a CAGR of 17% until 2030[75], the public cloud has secured itself as the dominant choice for computing resources.

Prediction 9: While UK Government infrastructure spending was high in 2023, broadband state aid projects will become more challenging to deliver due to cost of capital and overbuild risk. Contracted operator business cases will be squeezed, leading them to reconsider the benefit of participating in government funded programs.

NO. Thankfully there were no further announcements of operators withdrawing from Project Gigabit contracts in 2024. Despite economic headwinds, the successful bidders are proceeding as planned to bring fiber broadband to rural areas. For UK take-up rates by region, see Ofcom’s article Full-fibre broadband reaches one million homes in Wales.

Prediction 10: ISPs will continue phasing out pay-TV products due to constraints posed by content and infrastructure costs, limiting the ROI potential amidst a shift in consumer preference toward on-the-go, multi-device, OTT services.

YES. Carriage fee disputes in the US paired with rising infrastructure costs and increased cord-cutting have dramatically reduced the ROI potential of pay-TV products. As such, ISPs have been shifting focus towards replicating or facilitating the OTT model. For instance, the launch of MyFree DIRECTV looks to break into the FAST portion of the OTT market. Other ISPs have been placing increasing emphasis on their OTT offerings, with Charter and Comcast heavily marketing their joint Xumo venture, and Sky in the UK pushing ‘NOW’, both of which attempt to capture cord-cutters and younger customers.

2025 Predictions: What Comes Next?

1. Consolidation will continue across the industry as organizations look to enhance their footprint, network capabilities, and other operational efficiencies. Deals under review such as Verizon and Frontier, and T-Mobile and US Cellular are likely to be approved in 2025 and new deals will be announced.

2. More operators will announce plans for horizontal separation to unlock value from infrastructure-class assets, enabling them to focus on service innovation and customer experience.

3. As adoption of FTTP increases, broadband churn will fall. Future churn will be driven by home moves, poor pricing strategies, and unforced errors in customer service.

4. Service providers will find new AI use cases beyond operational efficiency and customer service solutions. However, progress will be slower than hoped due to data quality and integration challenges.

5. In 2025, concern will grow over the environmental impact of training large AI models and the power consumption and emissions of hyperscale data centers more generally.

6. The growing imbalance between electric power supply and demand will force telecom service providers into increasingly challenging decisions about how to procure and manage power. Power forecasting will shift from being a budgeting exercise into a cross-functional strategic planning activity. Service providers will follow the example of hyperscalers by forming cross functional power strategy teams.

7. Commercial deployment of Open RAN will start to pick up next year after a lackluster 2024. Deployments will tend to be small in scale, as providers work through interoperability issues ahead of larger rollouts in future years.

8. Commercial Direct to Cell (D2C) satellite services will slowly begin to emerge in 2025, subject to regulatory safeguards to prevent interference with other satellite and terrestrial services.

9. Global concern over the harms of social media will increase causing governments to weigh their options in the wake of Australia’s move to regulate social media usage for children and teens.

10. Advances in brain-computer interfaces allow people to enter hyper-realistic virtual environments indistinguishable from the real world. Hyperscale AI companies exploit this technology to control or manipulate perceptions, creating ethical dilemmas about freedom, consent, and the nature of reality itself.

Do you agree with our predictions? What do you think 2025 will bring to the communications sector? Share your comments on our Year-End Letter with us.

Notes:

[1] Looking at the Future of Fiber Broadband in 2024

[2] Full-fibre broadband reaches nearly 7 in 10 homes – Ofcom

[3] European FTTH/B Market Panorama 2024

[4] Communications Market Report 2024

[5] European FTTH/B Market Panorama 2024

[6] CityFibre Completes UK Fibre Broadband Acquisition of Lit Fibre – ISPreview UK

[7] Trooli Consolidates Full Fibre Network with Axione UK in Scotland – ISPreview UK

[8] Brsk and Netomnia Agree Large UK Full Fibre Broadband Merger – ISPreview UK

[9] The fiber race gets a billion-dollar boost with Corning-AT&T deal

[10] Frontier Communications Parent, Inc. – Financials – Quarterly Earnings

[11] Brightspeed Enters Next Era of Growth as Fiber Broadband Leader

[12] Looking at the Future of Fiber Broadband in 2024

[13] Fiber Optics Market Is Expected to Rise to US$ 15.63 Billion to Register a CAGR of 7.2% During Forecast Period 2024-2032

[14] https://www.reuters.com/markets/deals/t-mobile-invest-950-mln-venture-with-eqt-buy-fiber-optic-network-provider-lumos-2024-04-25/

[15] https://investor.uniti.com/news-releases/news-release-details/uniti-merge-windstream-creating-premier-insurgent-fiber-provider/

[16] T‑Mobile and KKR Announce Joint Venture to Acquire Metronet and Offer Leading Fiber Solution to More U.S. Consumers ‑ T‑Mobile Newsroom

[17] https://www.reuters.com/markets/deals/frontier-shareholders-approve-96-billion-deal-with-verizon-2024-11-13/

[18] UScellular – UScellular and TDS Announce Sale of Wireless Operations and Select Spectrum Assets to T-Mobile for Approximately $4.4 Billion in Cash and Assumed Debt

[19] British regulators approve $19 billion Vodafone-Three mobile merger

[20] Top Five Takeaways from Vodafone and Three merger announcement | Capacity Media

[21] https://www.fierce-network.com/wireless/there-are-lots-moving-pieces-spanish-mobile-market

[22] CNMC Data

[23] news.virginmediao2.co.uk/wp-content/uploads/2024/05/VMED-O2-UK-Limited-FY23-Annual-Report.pdf

[24] https://www.reuters.com/markets/deals/swisscom-offers-new-proposals-win-italys-approval-vodafone-deal-2024-11-12/

[25] Osservatorio n.2/2024 – EN

[26] Verizon doubles down on FWA, accelerates fiber buildout plan

[27] Vodafone UK, T-Mobile, Verizon take different strategies on FWA

[28] Charter leans harder into convergence with ‘Life Unlimited’

[29] AT&T vs. Verizon: Who’s leading the convergence race?

[30] Nissen, K. (2024). The importance of live sports and cable news to US pay TV services. S&P Global Market Intelligence Kagan, US Consumer Insights Survey.

[31] Most Americans don’t closely follow professional or college sports | Pew Research Center

[32] EY Sports Engagement Index reveals most popular sports with Gen-Z adults | EY – UK

[33] Millennials and Gen Z Stream Sports Rather Than Watch on TV: Poll

[34] Influencers Who Often Post About News, and Who Sees Their Content | Pew Research Center

[35] Influencers Who Often Post About News, and Who Sees Their Content | Pew Research Center

[36] News consumption in the UK 2024 report

[37] Inside the Implosion of CNN+ – The New York Times

[38] Comcast Announces Intention to Create Leading Independent Media Business Through Spin-Off of Select Cable Television Networks

[39] Shafer, et al. (2024). Channel listings for select US FAST services, Q2 2024. S&P Global Market Intelligence Kagan, Economics of Internet.

[40] GB News Overtakes Sky News

[41] Fox Nation Hits 2 Million Subscribers as Lifestyle Programming Continues to Expand

[42] Fubo – Fubo Closed Q2 2024 With 26% Year-over-Year Revenue Growth, 24% Year-over-Year Subscriber Growth and Exceeded Guidance in North America; Global Business Achieved 6th Consecutive Quarter of Year-over-Year Improvement in Profitability Metrics