News Summary

• Verizon, AT&T, and T-Mobile announced they have agreed in principle to form a joint venture focused on eliminating coverage gaps using satellite-based technologies.
• The plan relies on “direct to device” satellite technology that can reach phones without requiring additional hardware or special equipment.
• Just days earlier, the Federal Communications Commission approved a massive $40 billion spectrum sale that could reshape the wireless industry.
• The carriers’ decision to work together also appears to be a defensive strategy against a formidable new competitor.