SCHEDULE 13G/A: BlackRock Boosts Stake in Telephone & Data Systems to 13.8%

BlackRock, Inc. has disclosed an increased beneficial ownership of 13.8% in Telephone & Data Systems Inc., holding over 14.7 million shares as of March 31, 2025.

Summary

• BlackRock, Inc. has filed an Amendment No. 18 to Schedule 13G, reporting its beneficial ownership in TELEPHONE & DATA SYSTEMS INC /DE/.
• As of March 31, 2025, BlackRock, Inc. beneficially owns an aggregate of 14,766,736 shares of Common Stock.
• This represents 13.8% of the total outstanding Common Stock of Telephone & Data Systems Inc.
• BlackRock holds sole voting power over 14,584,034 shares and sole dispositive power over 14,766,736 shares.
• No shared voting or dispositive power is reported.
• The filing indicates that the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.
• One of BlackRock's entities, iShares Core S&P Small-Cap ETF, holds more than 5% of the total outstanding common stock of Telephone & Data Systems Inc.
• BlackRock Fund Advisors, another BlackRock entity, also beneficially owns 5% or greater of the outstanding shares.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive. While a 13G is a factual disclosure, BlackRock's significant and continued stake, coupled with the 'ordinary course of business' certification, suggests a stable, long-term investment perspective, which is generally viewed favorably by the market.

Positives

• BlackRock's significant and increased stake (13.8%) in Telephone & Data Systems Inc. indicates strong institutional confidence in the company's long-term prospects.
• The filing confirms that BlackRock's ownership is for investment purposes in the ordinary course of business, not for control-seeking, which can provide stability to the shareholder base.

Future Outlook

NA

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11." Spencer Fleming, Managing Director, BlackRock, Inc.

Industry Context

This Schedule 13G filing is a routine disclosure by a large institutional investor, BlackRock, Inc., indicating its passive ownership stake in Telephone & Data Systems Inc. Such filings are common for major asset managers who hold significant positions across numerous public companies for their clients. A substantial stake by a firm like BlackRock can signal a degree of stability and institutional interest in the company within the telecommunications and data services sector.

Stakeholder Impact

• Shareholders: BlackRock's significant stake (13.8%) provides a large, stable institutional shareholder base, which can be viewed positively by other investors.
• Company Management: The 'passive' nature of the filing (not for control) suggests BlackRock is not seeking to influence management or strategy, allowing current management to continue their plans without immediate external pressure from this specific shareholder.

Key Dates

Keywords

BlackRock, Telephone & Data Systems, TDS, Schedule 13G, Institutional Ownership, Common Stock, Beneficial Ownership, Investment Management, SEC Filing