Pegasus Satellite Reaches Agreements With DIRECTV, NRTC And Creditors

SPACEMART

Bala Cynwyd PA (SPX) Aug 03, 2004
Pegasus Satellite Communications, a subsidiary of Pegasus Communications Corporation, announced Monday that it and/or its subsidiaries have entered into agreements with DIRECTV, the National Rural Telecommunications Cooperative (NRTC), the official committee of unsecured creditors of Pegasus Satellite (the Committee) and Pegasus Communications that provide for:

(1) the sale of Pegasus Satellite's satellite television assets to DIRECTV for a purchase price of $938 million, including $875 million cash, plus certain adjustments to be made at closing;

(2) cooperation between Pegasus Satellite and DIRECTV to assure uninterrupted delivery of DIRECTV programming to Pegasus Satellite's subscribers; and (3) a dismissal of all litigation concerning Pegasus Satellite's distribution of DIRECTV services and Pegasus Satellite's bankruptcy.

In addition, Pegasus Communications and the Committee have reached an agreement in principle on the sale of the broadcast television stations owned by Pegasus Satellite to Pegasus Communications, subject to higher and better offers.

The sale of the satellite television assets and the settlement with DIRECTV as well as the sale of the broadcast television stations are subject to bankruptcy court approval and applicable antitrust filings and approvals.

Marshall W. Pagon, Pegasus Satellite's Chief Executive Officer, said "These agreements enable a final resolution to five years of litigation between Pegasus Satellite, DIRECTV and the NRTC concerning Pegasus's right to distribute DIRECTV, through a sale of Pegasus Satellite's satellite television assets to DIRECTV for $938 million."

"They also reflect a consensus between Pegasus Satellite and its creditors on the disposition of Pegasus Satellite's broadcast television stations to Pegasus Communications. We believe that this will allow Pegasus Satellite's bankruptcy to be resolved quickly and with the least continued risk to creditors."

"Most importantly, these agreements assure that Pegasus Satellite Television's over 1 million subscribers throughout the U.S. will continue to receive uninterrupted delivery of DIRECTV programming and that the sale to DIRECTV will be managed smoothly and without disruption of their satellite service. I would also like to thank our employees and management for their hard work."

"In little over 10 years, and in defiance of widespread skepticism that satellite television could ever successfully compete with cable, they built a sound and successful business serving over 1 million rural subscribers in 41 states."

Pegasus Communications Corporation intends to file as soon as practicable a Form 8-K that includes copies of the key agreements relating to the transactions referenced above.

SPACEMART

TBN's Four Signature Networks Transmitted On Intelsat Americas 5

Tustin CA (SPX) Aug 02, 2004
Trinity Broadcasting Network (TBN) executives at national headquarters, Tustin CA, announced that TBN's four signature networks - TBN, JCTV, Enlace USA and The Church Channel - are now transmitted on hybrid Intelsat Americas 5, the new-generation communications satellite operated by Intelsat Global Service Corporation.

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

The content herein, unless otherwise known to be public domain, are Copyright 1995-2016 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.