TDS is a holding company with two core businesses: TDS Telecom, a fiber broadband operation, and Array Digital Infrastructure, a cell tower company. TDS sold its UScellular wireless operations to T-Mobile in August 2025 for ~$4.3B, and is now focused entirely on these two businesses. TDS Telecom provides broadband, video, voice, and wireless services to residential and small business customers across 30 states, primarily in small-to-mid-sized communities. Broadband is the core product — TDS Telecom is aggressively expanding its fiber network to replace legacy copper infrastructure and grow into new markets, targeting ~40% broadband penetration in steady-state expansion markets and 65-75% in rural markets subsidized by the federal E-ACAM program, which provides over $1.2B in regulatory support over 15 years in exchange for building fiber to rural areas. TDS Telecom bundles video, voice, and wireless (via an MVNO) to reduce churn and support ARPU. Array owns and operates 4,450 cell towers across 19 states, leasing space to wireless carriers under long-term agreements with fixed rents and escalators. Array's current tenancy ratio is ~1.0 — well below industry peers — meaning significant capacity exists for additional tenants without new tower investment. Array also holds noncontrolling interests in wireless operating partnerships managed by AT&T and Verizon, generating passive cash income, and retains a portfolio of wireless spectrum licenses being monetized through individual transactions, with proceeds used to fund special dividends to TDS shareholders.