Top 10 Telecom Stories of 2025

2025 has raced by, and it’s time once again for my annual review of the top telecom stories of the year. You can also read my previous reviews of 2024, 2023, 2022, 2021 and 2020.

Here’s this year’s selection, in no particular order. Do you agree or disagree with my choices? Please get in touch to let me know!

EchoStar sells spectrum to AT&T for $23 billion

This is my biggest story of 2025 as it effectively ended Dish Network’s ambition to become the fourth US carrier. EchoStar acquired Dish at the start of 2024. Dish had taken ownership of Boost Mobile after it was divested by T-Mobile as part of its merger with Sprint. After several delays, Dish launched a much-hyped greenfield Open RAN network in 2022.

The AT&T deal follows years of speculation over the future of its spectrum holding, which had started to attract scrutiny from the regulator. Boost says it’ll adopt a hybrid network operator model: its customers will continue to receive a service from its cloud-native 5G core, which will be connected to AT&T’s nationwide network, enabling it to decommission elements of its own radio access network (RAN) over time.

EchoStar, which has reportedly been under the threat of bankruptcy, subsequently sold more spectrum, this time to SpaceX. The deal prompted some wild — and in my view misplaced — speculation that Elon Musk was readying to bring major disruption to the mobile industry through his Starlink satellite service.

Fintech moves into mobile

This year was notable for financial services players pushing into the mobile market. N26, Klarna, Nubank and Lendable have already launched mobile services; Revolut and Monzo are expected to follow suit.

The mobile market offers fintech the opportunity to sell another digital product to a captive and tech-savvy audience. This can foster new revenue, greater brand engagement and enhanced loyalty. It’s a trend that rival telecom providers and traditional banks should keep a close watch on next year.

Mergers and acquisitions back on the table

Mergers and acquisitions are again a focus for European telecom operators amid greater optimism that regulators are finally becoming more sympathetic to in-market consolidation.

The biggest move this year was the proposed carve-up of SFR in France, which would see its assets split among the other three operators. An initial offer was rejected by SFR’s parent, Altice, but I expect a fresh deal to be put forward soon. Elsewhere, I see scenarios for consolidation in many European markets, notably Spain, Germany and Italy. CCS Insight’s recent Insight Series report reviews how things could play out.

Fast start for VodafoneThree

VodafoneThree has much to live up to following its many promises designed to secure approval for its joint venture. This was finally completed in May 2025, and the combined company has quickly set about delivering on its commitments.

By December, it had enabled RAN sharing at over 8,000 sites, meaning that customers of each provider can roam on the other’s network. In addition, Three customers have been enjoying faster speeds thanks to the use of Vodafone’s 1800 MHz spectrum.

The joint venture has also begun cross-selling broadband and fixed wireless access services; extended its call centre in Stoke-on-Trent to support Three as well as Vodafone customers; and launched its “two networks are better than one” campaign. It has much to do in the years ahead to achieve its ambition to become the “UK’s best network”, but initial progress is encouraging.

Industry seeks to protect children from online harm

As the enablers of connectivity, operators have a responsibility to respond to concerns about screen time, online safety and how using digital devices can affect a child’s well-being. I was heartened to hear about two initiatives from UK providers this year: EE launched a series of phone plans for under-18s and a range of support tools for families, and Vodafone struck a partnership with HMD to offer a device with software that prevents exposure to explicit images. I’m hoping others will follow suit with similar initiatives in 2026.

Operators go live with satellite services

In 2025, a vanguard of telecom operators enhanced their terrestrial networks by launching services in partnership with satellite providers.

T-Mobile US led the way, with its direct-to-device service with Starlink going live following six months of beta testing. Initially, it supported only text messaging and location sharing, but it has since expanded to include popular apps like WhatsApp, AllTrails and Google Maps.

In Europe, Ukraine’s Kyivstar pipped Orange to the post to claim the region’s first launch, reporting 300,000 users in the first 24 hours. In 2026, we expect launches from Virgin Media O2 in the UK, Deutsche Telekom in Germany, Cosmote in Greece and Vodafone in some of its European markets. For a summary of the latest status of deployments, see Market Analysis: Telecom Operators, 3Q25.

Charter and Cox announce merger

In May 2025, cable giants Charter Communications and Cox Communications confirmed that they plan to merge. If the deal is approved by regulators, the combined company would overtake Comcast to create a new market leader in cable. It would also form a stronger rival to wireless carriers AT&T, T-Mobile and Verizon. Charter, which has an agreement with T-Mobile as a mobile virtual network operator, has enjoyed momentum from its push into mobile, passing 11 million customers in 3Q25, representing 14% of its connectivity revenue.

Operators respond to growth of travel eSIM specialists

Players such as Airalo, Holafly and Nomad have been gaining share in the roaming market with attractively priced plans targeted at international travellers, enabled using eSIM technology. A few operators are now responding with their own travel eSIM offers, notably Vodafone and Orange. Interestingly, both appear to be eyeing opportunities in the wider travel sector: Orange has partnered with the Accor Group of hotels, and Vodafone is considering collaborations in insurance. CCS Insight’s Spotlight report on travel eSIM includes a forecast to 2030, profiles of leading players and an assessment of future scenarios.

Surprise CEO change at Telefonica

In January 2025, the popular Jose Maria Alvarez-Pallete was surprisingly forced to resign under pressure from the Spanish Government. His replacement — Marc Murtra — immediately set about rethinking the company’s strategy. This culminated in a new five-year plan unveiled by the company in November. However, as we reviewed in a recent Insight Series report, the update was more of a refresh to the existing strategy than the comprehensive overhaul many had anticipated.

TIM turns to energy to fuel revenue growth

For years, telecom operators have sought to boost spending among consumers by offering services beyond connectivity. Not all have been successful; Orange’s foray into banking and AT&T’s extravagant push into content were two that didn’t work out.

I was interested to read about TIM’s recent advances into the retail energy market. In partnership with Poste Italiane, it’s selling gas and electricity in about 800 stores. It’s presenting the service as TIM Energia Luce e Gas powered by Poste Italiane.

I shared some thoughts about the move in this recent blog and will follow the progress with interest.

I look forward to sharing further insights next year. Happy holidays, and here’s to another busy year in 2026!