EchoStar Communications Corporation (NASDAQ: DISH) announced today that it has agreed to acquire Sling Media, Inc., a privately-held digital lifestyle products company. EchoStar, through its DISH Network, is the third largest pay-TV provider in the United States.
The transaction values Sling Media at approximately $380 million and is payable in cash and EchoStar options. The transaction is subject to customary closing conditions, and is expected to close in the fourth quarter of 2007. This is surprising news, but also likely to happen. Consumer Electronics startups have a hard time to stay independent. I just hope they continue as the promise with offering their innovative products to non-Echostar customers.
Established in 2004, Sling Media has been a leading innovator in the digital lifestyle space through the introduction of the internationally-acclaimed, Emmy award-winning Slingbox™ and SlingPlayer software. Sling Media’s product line is distributed in over 5,000 retail stores in 11 countries.
In 2006, Sling Media created the Sling Entertainment Group with the mission of developing entertainment experiences and business models that reach beyond the Slingbox. The group also fosters and manages relationships with content creators and owners. Its first initiative, Clip+Sling, dramatically changes the way consumers socialize around TV by enabling users to clip and share limited segments of their favorite television programming.
“We are psyched to make this announcement. We have worked closely with EchoStar for more than two years, and have come to realize that both companies have similar entrepreneurial cultures and mutual dedication and passion for creating empowering experiences that benefit the consumer and the media industry,” said Blake Krikorian, co-founder, chairman and CEO of Sling Media. “By combining strategies, resources and technologies with EchoStar, Sling Media will be able to rapidly expand our open multi-platform product offerings, not only for DISH Network subscribers, but for digital media enthusiasts around the globe.”
Via the Sling Media site.
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