特朗普移动业务的影响：今天早上特朗普移动业务的宣布可能不会对运营商产生直接的商业影响，但从监管角度来看，仍可能使它们处于艰难境地。

Trump Mobile Implications The Trump Mobile announcement this morning may not haveimmediate commercial impact on operators, but could stillput them in a tough position from a regulatory perspective. North America Cable, Satellite & TelecomServicesNEUTRAL We appreciate your5-star votein the2025Extel All-America Research Surveyin bothCable,Satellite & Telecom ServicesandMediacategories.View our analysts » Vote 5 Stars forBarclays » North America Cable, Satellite &Telecom ServicesKannan Venkateshwar+1 212 528 7054kannan.venkat@barclays.comBCI, US The Trump Organization announced a plan this morning to launch a wireless service – calledTrump Mobile – operating on the networks of all major operators. Priced at $47.45/month, theplan appears to be quite attractive with unlimited talk, text and data, free calling to 100countries, and no contracts or credit checks, although there could be more fine print that is notevident yet. A gold smartphone is also to be released in August for $499. Our takes are asfollows: Lauren Bonham+1 212 526 3856lauren.bonham@barclays.comBCI, US Viren Uchil+1 (212) 526 7523viren.uchil@barclays.comBCI, US Needless to say, it is quite unprecedented for a sitting president’s name to be attached to acommercial mainstream service that is regulated. None of the telecom companies have formallyannounced an agreement with the Trump Organization for an MVNO agreement and therefore itis not clear which entity is providing the network. However, telecom is a highly regulatedindustry and the present FCC chair has been politically close to the current administration1andone of the co-authors of Project 20252, a wish list of administration goals and potential paths toachieving its objectives. This puts telecom companies in a tough position, as it is not clear howmuch negotiating leverage they really have in this situation, especially given that VZ and AT&Tare both still in the process of getting deal approvals. This may also result in increased scrutinyat the state level and put operators in a politically sensitive situation. It is also possible thatoperators have most favored nation (MFN) clauses in their existing MVNO deals – for instancewith the cable companies – which could increase risk if favorable terms are extended to theTrump Organization. Siyuan (Cindy) Huang, CFA+1 212 526 7952siyuan.huang@barclays.comBCI, US Amir Saley+1 212 526 7564amir.saley@barclays.comBCI, US Another interesting headline3this morning, while not directly related to this, could haveimplications for Trump Mobile at some point. President Trump called for FCC Chair Carr to cometo an agreement with EchoStar on the latter’s network buildout and consequent fulfillment ofspectrum license terms. The dispute between the FCC and EchoStar was unprecedented in itselfbut this involvement from the White House publicly into the investigation of an agency that ispurported to be independent from regulators is likely to create its own complications. WhileDish’s satellite video service is known for carrying right-leaning news networks, in theory, Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that couldaffectthe objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. Please see analyst certifications and important disclosures beginning on page 3. EchoStar can alsoofferan MVNO to Trump Mobile, which would need FCC to drop itsinvestigation for regulatory clarity. Also, EchoStar has MVNO agreements with AT&T and TMUSand it is not clear if EchoStar can extend any putative agreement with, say, the TrumpOrganization to competitor networks via this agreement. Going to market with the service will still need some degree of OSS/BSS integration withoperators. This of course depends on the nature of the service, and the service may get awaywith basic infrastructure if it aims to be a low-end service more comparable to numerous otherprepaid resellers in the market. However, to the extent this aims to be a mainstream service, theinvestment needs may go up. If there are multiple operators supporting the service, thehandoffsboth at the front and back end will need investment from the service provider toensure a high-quality service. Wireless is also a utility for consumers, and therefore quality ofservice matters a lot more than for many other consumer-facing services. Also, telecomoperators tend to go to market with aggressive handsetoffers,especially on postpaid phones,which is likely to be tough for any new entrant given the significant balance sheet commitmentit takes to replicate theseoffers.In terms of commercial implications for operators, the impactmay be more on the prepaid side given that Trump Mobile doesn’t need credit checks. This alsois coming at a time when there appears to be a reverse migration from