Telecommunications is the largest communications sector in the United States. AT&T, Verizon, and T-Mobile are the largest and most diversified telecommunications companies in the United States. Each provides local, long-distance, and international voice and data services; wireless services, broadband and internet access; and multichannel video programming to residential and business customers. AT&T and Verizon took steps in 2021 to sell all or a portion of certain media content development businesses: AT&T transferred interests in its Warner Media assets to a new joint venture with Discovery, and Verizon sold its interests in Verizon Media, which housed AOL and Yahoo, to Apollo Global Management. T-Mobile shuttered its previously acquired fibre cable company, Layer3 TV, in 2020, and now makes available third-party Over-The-Top (OTT) online content distribution apps to residential subscribers as part of its “TVision Hub” service. Although the wireline services market continues to decline, the rapid growth of wireless services, particularly wireless data services, have ensured that the aggregate telecommunications sector continues to grow. The telecommunications sector is not subject to significant regulatory barriers to entry and is generally open to foreign investment.

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