Telephone and Data Systems, Inc. operates two distinct business segments: TDS Telecom, which provides broadband, video, voice and wireless communications services across small- to mid-sized communities in 30 states through fiber, coaxial and copper networks, and Array Digital Infrastructure, a major cell tower owner with approximately 4,450 towers across 19 states that leases space to wireless carriers under long-term agreements. TDS Telecom generates revenue from residential and commercial customers, as well as wholesale carriers and government universal service programs, while competing on network quality and service bundling. Array earns recurring income through master license agreements with carriers including T-Mobile, AT&T and Verizon, supplemented by colocation expansion on its low-churn portfolio that benefits from high switching costs and substantial available capacity.