If you still think of AT&T as a giant media conglomerate that owns HBO and Batman, you're living in 2021. Honestly, a lot has changed. The company went through what some analysts called a "identity crisis" for a few years, trying to be everything to everyone. They bought big, they spent big, and then they realized they were better at cell towers than cinema.
Basically, the AT&T of 2026 is a "connectivity-first" company. They've stripped away the Hollywood glitz to focus on what they actually know: 5G and fiber.
What does AT&T own right now? It’s not a simple list. It’s a massive web of wireless networks, thousands of miles of glass fiber under your feet, and a few key subsidiaries that handle everything from prepaid phones to emergency responder communications.
The Massive 5G and Fiber Empire
The core of what AT&T owns is its physical network. This is the "boring" stuff that makes billions. As of early 2026, AT&T has officially eclipsed 30 million fiber locations. They aren't stopping there. They’ve gone on a bit of a spending spree lately, but not for movie studios.
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In a massive move that's finalizing right now in early 2026, AT&T is acquiring Lumen Technologies’ Mass Markets fiber business. This deal, worth about $5.75 billion, is a huge part of their plan to reach 60 million locations by 2030. If you live in a city like Denver, Seattle, or Phoenix, the fiber lines running to your house might have just changed hands.
Then there's the 5G side. AT&T owns the nation’s largest wireless network by landmass. They’ve been busy ripping out old Nokia gear and replacing it with Ericsson Open RAN technology. It’s a technical shift that basically makes their network more like a software platform. By late 2026, they want 70% of their wireless traffic running on these open platforms.
The Brands You Recognize (and Some You Don't)
While they sold off the big names like HBO, they kept the ones that fit the "phone and internet" vibe.
- Cricket Wireless: This is a big one. AT&T wholly owns Cricket. It’s their "fighter brand" in the prepaid space. It brings in roughly $5 billion in annual revenue and serves over 13 million people who don't want a credit check or a contract.
- FirstNet: You might have seen the "FirstNet Built with AT&T" commercials. AT&T doesn't "own" the FirstNet authority (that’s a government thing), but they own the 25-year contract to build and operate the network for first responders. It’s a massive asset that gives them access to high-quality "Band 14" spectrum.
- AT&T Mexico: Yes, they own a major wireless carrier in Mexico. It’s often the forgotten child of the portfolio, but it serves millions of subscribers south of the border.
- AT&T Internet Air: This is their newer "fixed wireless" product. It basically uses the 5G network to give you home internet. They’ve already signed up over 1.3 million people for this.
What They Definitely DON'T Own Anymore
This is where most people get tripped up. The "Great Unwinding" happened over the last few years.
- Warner Bros. Discovery (WBD): AT&T spun this off in 2022. They no longer own HBO, CNN, TNT, or the DC Universe. If you’re an AT&T shareholder, you might have received WBD stock during the split, but the companies are totally separate now.
- DIRECTV: This was a painful exit. AT&T bought DIRECTV for $48.5 billion back in 2015. They finally finished selling their remaining 70% stake to TPG Inc. in July 2025. DIRECTV (which includes U-verse and DIRECTV Stream) is now its own thing, completely independent of the blue globe logo.
The Copper Retirement Project
One of the weirder "assets" AT&T owns is millions of miles of old copper phone lines. Honestly, they’re trying to get rid of them.
Just this week, in January 2026, the FCC gave AT&T the green light to start retiring about 30% of their copper footprint across 18 states, including Texas, Florida, and Michigan. They are literally turning off the old landlines and forcing everyone onto fiber or wireless. It’s a huge logistical headache, but it saves them billions in maintenance costs.
Why This Matters for You
Knowing what AT&T owns helps you understand where the company is going. They aren't trying to win Oscars anymore; they're trying to be the "dumb pipe" that everyone relies on. They want to be the one company that provides both your home fiber and your 5G phone plan—what they call "convergence."
Actionable Insights for 2026:
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- Check Your Fiber Availability: With the Lumen acquisition closing, millions of new addresses in the Western U.S. are being rebranded as AT&T Fiber. If you were stuck with slow speeds before, check again.
- Landline Users Beware: If you still rely on a traditional copper landline in one of the 18 approved states, expect a "discontinuation" notice by late 2026. You'll need to look into VoIP or cellular alternatives sooner rather than later.
- Investor Perspective: The company is currently funneling billions into "Open RAN" and fiber builds. They're aiming for $18 billion in free cash flow this year. Most of that is being used to pay down the debt left over from the WarnerMedia era and to build out more glass in the ground.
If you’re looking for a company that’s diversified into movies, gaming, and satellite TV, AT&T isn't it. They’ve gone back to their roots. They own the wires, they own the towers, and they own the "New Cricket." That's basically the whole story.