T-Mobile has agreed to buy U.S. Cellular's wireless operations and select spectrum assets for $4.4 billion, the companies announced today.

Why it matters: The deal ushers in more telecom consolidation and strengthens T-Mobile's position after having already combined with Mint Mobile parent Ka'ena and Sprint.

Zoom in: T-Mobile said the deal includes "substantially all" of U.S. Cellular's wireless operations, along with its customers and stores. U.S. Cellular customers will gain access to T-Mobile's 5G network and its plans.

• The $4.4 billion purchase price is a combination of cash and up to $2 billion of assumed debt.
• The boards of U.S. Cellular and its parent company, Telephone and Data Systems Inc., approved the deal. It is expected to close in mid-2025, subject to regulatory approvals.

Zoom out: U.S. Cellular will retain about 4,400 owned towers and approximately 70% of its spectrum portfolio, and it will look for ways to monetize those remaining assets.

What they're saying: "As customers from both companies will get more coverage and more capacity from our combined footprint, our competitors will be forced to keep up — and even more consumers will benefit," T-Mobile CEO Mike Sievert said in a statement.

What we're watching: U.S. Cellular CEO Laurent Therivel said on a conference call that the deal will lower prices and improve the network and that T-Mobile has committed to hiring a "significant number" of the absorbed company's associates.

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The Walt Disney Company's reputation is bouncing back after losing favor with Republicans in 2022 when the company criticized Florida's "Don't Say Gay" legislation, according to the latest Axios Harris Poll 100.

Why it matters: Unlike Target and Anheuser-Busch — which also found themselves embroiled in modern culture wars around sexual orientation and trans rights — Disney's overall reputation score saw an uptick in the last year.

By the numbers: During the Trump presidency, Disney's overall reputation score fell slightly from 82.04 in 2017 to 77.39 in 2020, but then dropped off dramatically during its public political battle with Gov. Ron DeSantis.

• Disney's overall reputation score fell to 70.87 in 2023 from 77.39 in 2020.
• In 2024, the reputation score bounced back up to 71.8, its first gain since 2017, thanks mostly to renewed favorability among Republicans.

Between the lines: Disney's recovery among Republicans is notable, given how polarizing the firm remains.

Go deeper: Full results and poll methodology

➗ Activist investor Elliott has taken a $2.5 billion stake in Texas Instruments. (Bloomberg)

🤝 Hess approves $53 billion Chevron deal amid Exxon dispute. (CNBC)

🛢️ Saudi Arabia is reportedly poised to sell $10 billion–$20 billion in stock of oil giant Aramco. (WSJ)

Home prices hit a new all-time high in March.

Why it matters: The upward movement reflects the housing market's resilience to higher interest rates.

Driving the news: The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index hit a record high for the sixth time in the last 12 months, according to figures released today.

• All 20 major metro markets gained for the fourth straight month.

By the numbers: The national index was up 6.5% compared with a year earlier.

• San Diego led the way among major markets with an 11.1% increase, while New York was second with 9.2% and Cleveland was third with 8.8%.
• Denver was the slowest-growing market at 2.1%.

The big picture: "Competition among buyers for the limited number of second-hand homes on the market remains strong," Capital Economics North American economist Thomas Ryan writes.

Whether you're spending too much or want to save the environment, we've got the solution for you: the "no-buy challenge."

State of play: The anti-consumerism trend involves committing to avoid purchasing nonessential items for a period of time, typically a year, AP reports.

• It "has become a popular trend on social media," including Reddit and TikTok, "where some videos of users seeking to hold themselves accountable get hundreds of thousands of views."

💭 Nathan's thought bubble: Frugality has a viral quality because it's counter cultural.

"Reincarnation."