The man behind Boost says with only three carriers left, MVNOs could struggle – and so could you

AT&T's $23 billion deal to acquire EchoStar's spectrum has reshaped the future of Boost Mobile, but founder Peter Adderton is now raising concerns about what comes next.



The deal means Boost will no longer operate as a facilities-based carrier with its own network. Instead, it will function as a hybrid mobile virtual network operator (MVNO), running its services on AT&T's towers while keeping its own cloud-based 5G core. This shift effectively ends the idea of a fourth nationwide carrier and leaves AT&T, Verizon, and T-Mobile as the only national operators.

Adderton characterized the sale as a "get out of jail free card" for EchoStar investors. For years, investors had expected the company to create a fully built-out nationwide network, giving consumers another choice beyond the big three.

But EchoStar faced mounting obstacles. The FCC had pressured the company over missed deadlines and accused it of sitting on valuable spectrum rather than putting it to work. At the same time, the cost of building and running a competitive network was proving too heavy. By selling to AT&T, EchoStar gave its investors a big payout and sidestepped a tough and costly fight that could have gone badly.



While investors have gained from the sale, Adderton stresses that the harder work now lies ahead for consumers and regulators. He argues that the FCC cannot simply approve the deal without ensuring real protections for competition. His concern is that with only three national carriers left, independent MVNOs will have little bargaining power and could be squeezed out over time. He has also called for fixed broadband providers like Comcast and Charter to be required to wholesale access to their networks if the goal is to preserve meaningful competition.

Analysts agree that MVNOs still play an important role by offering lower-cost plans, but their share of the prepaid market has declined. Verizon's acquisition of TracFone in 2021 and T-Mobile's purchase of Mint Mobile and Ultra Mobile in 2024 have tightened carrier control over once-independent brands. Outside of cable providers, only Consumer Cellular maintains more than two million customers, with about 4.3 million subscribers nationwide.

As regulators review the deal, the broader concern is whether the US wireless market will continue consolidating or if safeguards will be put in place to allow MVNOs like Boost to remain competitive. The FCC's decision will determine whether this deal strengthens consumer choice or leaves Americans with fewer real alternatives in the years ahead.

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