TDS Subsidiary Array Sells Spectrum for $1.0B; Declares $11 Special Dividend

Array Digital Infrastructure, a subsidiary of Telephone and Data Systems (TDS), completed the previously announced sale of select spectrum assets to Verizon Communications for $1.0 billion in cash. Following this transaction, Array's Board of Directors declared a special cash dividend of $11.00 per share for holders of its Common Stock and Series A Common Stock. The dividend is payable on June 25, 2026, to stockholders of record as of June 11, 2026. TDS holds a significant stake in Array, including over 70 million shares across both common stock classes.