The closest comparable right now is Straightpath who has spectrum in the 28ghz and 39ghz bands. Their market cap is $325M and has gone as high as $500M+.
XO Communications was bought out by Verizon for $1.8/$1.9B I believe and they had 28ghz and some 39ghz spectrum but nowhere near the license count and coverage of Fibertower's all in spectrum. XO communications also had extensive hard fiber assets.
Fibertower's Assets are extensive in the 24ghz and 39ghz bands. Windstream just announced they are rolling out 5G like Fixed Wireless is major markets using Straighpath's 39ghz band.
Other companies that are going the fixed wireless route are Verizon, AT&T, Google and I imagine Comcast and other major cable players will follow soon. The customers want fiberlike connections but rolling direct fiber to households takes too much time and capital investment and the return is just not there. Verizon found that out with FIOS and Google found that out as well. People loved Google Fiber but the return on investment wasn't there.
As you mentioned ATT is going after Time Warner, Verizon is adding Yahoo and will look for more. ATT and Verizon are looking for some growth of any kind and they have to go after and carve up the cable companies. The cable companies are in trouble as they don't have the wireless assets to compete and the smartphone is going to be your modem, cable box, conduit..etc...everything from the network to your end device whether it is your smartphone, tablet, computer, or television.
I would expect Comcast or DISH to go after Sprint or Tmobile for the wireless but they will be well behind ATT and Verizon. An arms race for assets will begin and Fibertower's assets should be on everyone's shopping list long before the court case gets going. Not having those assets available for the public in 2017,2018,2019 etc... will be detrimental to the 5G/Fixed Wireless builds.
