John Devine of Motley Fool Says "The stock was downgraded by Wall Street outfit ISI Group on the heels of AT&T's acquisition of Leap Wireless . Those two together accounted for about 19% of American Tower's operating revenues in the most recent quarter, so any change in the dynamics of the pricing structure for its antenna space could seriously impact the company."
It is highly unlikely that Leap Wireless is more than 1 to 3% of AMT revenue - the merger does not change the negotiation power of AT&T.. Meanwhile AMT contracts are typically multi-year non-cancelable. Lastly, AT&T still needs to build out its data service to accommodate the rapidly growing demand for wireless data, so it is hard to see any reduction in the combined company buying space of AMT towers.