PODCAST: PwC on how the latest telecom M&A wave reflects an industry inflection point
Whether the focus is on enhancing a network foothold in additional markets, expanding an existing product line, or refocusing on serving a market segment such as fiber-based broadband, vendors and service providers actively pursued new M&A deals to meet these goals.
PwC noted in its Media and telecommunications: US Deals 2026 outlook that in the second half of 2025, M&A activity “saw a marked uptick” that was “driven by more favorable financing conditions, strategic portfolio realignments, and a rejuvenated investor appetite for premium intellectual property.”
In 2025, AT&T, Charter, and Verizon announced three large deals. AT&T reached a deal to acquire Lumen’s consumer fiber assets, while Verizon acquired Frontier, and Charter is working to complete its merger with Cox Communications.
By acquiring Lumen’s mass-market fiber business for $5.75 billion, covering about 1 million existing and 7 million planned locations, AT&T puts itself on a path to reach to reach 60M fiber locations by 2030. Likewise, Verizon’s acquisition of Frontier enables it to scale its fiber reach and create new converged service capabilities. Finally, Charter’s pending deal with Cox will create a larger provider with 69.5 million locations passed (57.2 million for Charter and 12.3 million for Cox).
In this new Broadband Pulse podcast, we spoke with Daniel Hays, principal at Consulting Solutions at PwC, about the telecom M&A landscape.
Meet our guest
Dan Hays is a principal with PwC and leads the firm’s enterprise strategy consulting practice for the technology, media, and telecommunications sector. As a senior member of PwC’s Strategy and consulting practice, Dan works with terrestrial and satellite communications and information service providers, network equipment and device manufacturers, distributors, software and internet platform companies, and their investors worldwide. Based in Washington, D.C., Dan has worked with clients across the Americas, Europe, Asia, the Middle East, and Oceania, and focuses in the areas of growth strategy, regulatory and policy strategy, deals, innovation, product development, and operational strategy.
About the Podcast
In the Lightwave Broadband Pulse podcast, we address key issues affecting the optical and broadband industries. Join us every week for insights from industry leaders on these topics. Visit our website at www.lightwave.com and click on our podcast site at www.broadbandpulse.podbean.com/.