EchoStar regulatory filings delayed
BusinessWire, Monday, April 28, 1997 at 09:28
ENGLEWOOD, Colo.--(BUSINESS WIRE)--April 28, 1997--The
submission of applications for regulatory approval of the The News
Corporation Limited ("News Corp.") investment in EchoStar
Communications Corporation ("EchoStar," NASDAQ:DISH), has been
delayed.
EchoStar and News Corp. had planned Hart-Scott-Rodino and
Federal Communications Commission filings in connection with the
transaction by the end of April 1997. However, late Friday, April
25, 1997, News Corp. informed EchoStar that it does not intend to
proceed with its investment in EchoStar unless EchoStar commits to
abandon its current Nagra, S.A. conditional access system.
News Corp. has requested that EchoStar instead use a News Corp.
conditional access system. EchoStar has requested additional
information from News Corp. to further consider whether the News
Corp. conditional access system can meet the criteria for use set
out in the binding letter agreement between the parties dated
February 19, 1997 (the "Agreement").
News Corp. has also informed EchoStar that it believes other
matters must be resolved between the parties before News Corp. will
proceed with the transaction. While EchoStar is hopeful that News
Corp. will honor its obligations under the Agreement, a new
timetable for regulatory filings has not been set and there can
be no assurance that News Corp. will proceed with an investment in
EchoStar. |
