Free Writing Prospectus

Filed Pursuant to Rule 433

(To Prospectus dated November 15, 2010 and

Registration No. 333-155078

Preliminary Prospectus Supplement Dated November 15, 2010)

November 16, 2010

Issuer:

Telephone and Data Systems, Inc.

Security:

6.875% Senior Notes due 2059

Principal Amount:

$200,000,000

Over-Allotment Option:

The underwriters may purchase up to an additional $30,000,000 principal amount of notes, at the public offering price, less the underwriting discount, within 30 days from the date of the prospectus supplement to cover over-allotments, if any.

Denominations:

$25 and integral multiples thereof

Trade Date:

November 16, 2010

Settlement Date:

November 23, 2010 (T+5)

Maturity Date:

November 15, 2059

Coupon:

6.875%

Interest Payment Dates:

February 15, May 15, August 15 and November 15, commencing February 15, 2011

Price to Public:

$25 per note

Optional Redemption:

The Issuer may redeem the Notes, in whole or in part, at any time on and after November 15, 2015 at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest to the redemption date.

Listing:

The Issuer intends to list the Notes on the New York Stock Exchange and expects trading in the Notes on the New York Stock Exchange to begin within 30 days after the Settlement Date.

CUSIP/ISIN:

879433 845 / US8794338454

Anticipated Ratings:

Baa2 by Moody’s Investors Service, Inc.

BBB- by Standard & Poor’s Rating Services

BBB by Fitch Ratings

Joint Book-Running Managers:

Citigroup Global Markets Inc.

Merrill Lynch, Pierce, Fenner & Smith Incorporated

UBS Securities LLC

Wells Fargo Securities, LLC

Co-Managers:

RBC Capital Markets, LLC

BNY Mellon Capital Markets, LLC

Comerica Securities, Inc.

SunTrust Robinson Humphrey, Inc.

TD Securities (USA) LLC

U.S. Bancorp Investments, Inc.