Executive Summary
December 10, 2025: Charter Communications and Comcast are executing parallel strategies to fundamentally transform their wireless business economics through the deployment of Citizens Broadband Radio Service (CBRS) infrastructure. This report presents enhanced analysis incorporating FCC Broadband Map data, Recon Analytics proprietary survey research, and detailed ARPU economics to quantify both the opportunity and the strategic implications for all market participants.
The cable operators' combined 20.3 million wireless subscribers as of Q3 2025—with Charter contributing 11.4 million and Comcast contributing 8.9 million—generate approximately $3.2 billion in annual wholesale payments to Verizon. By targeting 30% overall traffic offload to owned CBRS networks, the operators can reduce these payments by approximately $950 million annually, with Charter capturing roughly $530 million and Comcast capturing $420 million in savings. This transformation repositions both companies from wholesale-dependent MVNOs to hybrid network operators with MNO-like unit economics on their highest-value traffic.
Table of Contents
- 1. Executive Summary 2
- 2. Understanding the CBRS Opportunity 3
- 3. Infrastructure Partners and Technology Stack 8
- 4. Current Deployment Status 9
- 5. Financial Impact Analysis 11
- 6. Subscriber Growth Dynamics 12
- 7. Super Owner Economics: The Hybrid Model Advantage 14
- 8. Verizon's Strategic Position: A More Nuanced View 16
- 9. Customer Satisfaction Analysis 19
- 10. Strategic Conclusions 20
- 11. Data Sources and Methodology 21