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  "documentTitle": "American Tower (AMT)",
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  "authorName": "Carson C. Block",
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      "text": "These new ‘heterogeneous’ networks are ad-hoc and unplanned compared to the first generation, but they succeed where it matters: they can meet consumer data demand.",
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      "text": "Since carriers built and operated their own networks, radio frequency engineers had precise information about their network’s capabilities and performance. Because the carrier controlled all aspects of their private network, these systems were termed Homogeneous networks.",
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      "text": "Carriers have since begun to invest in a next-generation network based on modern technology. This new network is digital, uses open communication protocols (Internet Protocol (IP)), and is designed for metro-based data consumption. These new ‘heterogeneous’ networks are ad-hoc and unplanned compared to the first generation, but they succeed where it matters: they can meet consumer data demand.",
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      "text": "Carriers building private networks used electromagnetic spectrum purchased from government auctions to replace the copper wires of a fixed network. Once their private networks were complete, carriers began offering consumers access by selling packages of voice minutes, and eventually access to SMS and data access packages. The Telecommunications Act of 1996 introduced a new regulatory scheme where entrants could pay wholesale prices to access carrier networks. This legislation, in conjunction with the FCC final ruling on Docket 16509 concerning private access to AT&T’s network, eliminated the carrier’s competitive advantage of a private network. Carriers responded by divesting themselves of assets, including through sale and leaseback of towers, and marketing arrangements with third party companies such as tower marketing companies. These transactions provided carriers with added liquidity and allowed them to focus on their core business. Tower companies could market the towers to other carriers looking to expand or improve communications at a lower cost than carriers would pay to develop those assets themselves. Additional tenants greatly improved the economics for tower companies, giving them strong rents and margins.",
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