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Technology Stocks : Echostar Comm.
SATS 73.74+0.3%Nov 10 3:59 PM EST
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To: Noel who wrote (1022)3/2/1999 9:14:00 AM
From: Noel  Read Replies (1) of 1394
 
DISH picks up PRIMESTAR bonds at a discount:

EchoStar As A PrimeStar Bondholder

With EchoStar owning more than 10 percent of PrimeStar's bonds, Charlie Ergen's DBS machine may throw another wrench into DirecTV's pending acquisition of the medium power service.

But it also may create some headaches for DISH.

DirecTV's $1.83 billion acquisition of PrimeStar requires a tender by bondholders representing at least 90 percent of the principal amount of the bonds. That may include permission from Ergen. But EchoStar's bond ownership raises questions, including whether the company's moves violate antitrust rules.

The bond situation isn't the only thing shaking DBS deals. EchoStar is offering $600 million for Tempo/PrimeStar's high-power satellite assets at 119 degrees, $100 million more than DirecTV offered in its bid. DISH also has bounties out for PrimeStar subscribers.
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