Sling Media, the company that brought you the Slingbox and SlingPlayer software, has been bought by EchoStar. The corporation, which owns the DISH pay-TV network, has valued Sling Media at $380 million, and the sale should take place before the end of the year. Full press release is below.
EchoStar Announces Agreement to Acquire Sling Media, Inc.
Combination Will Create Industry-Leading Digital Media Solutions Provider
ENGLEWOOD, Colo. and FOSTER CITY, Calif., September 24, 2007 –
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(r), 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.
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.
“As an early investor in Sling Media, EchoStar has been pleased with
the progress and commitment the company has made establishing Sling
Media and the Slingbox as powerful and beloved digital media brands,”
said Charlie Ergen, CEO and co-founder of EchoStar. “With today’s
increasingly mobile lifestyle, EchoStar’s acquisition of Sling Media
will allow us to offer innovative and convenient ways for our
customers to enjoy their programming on more displays and locations,
including TVs, computers and mobile phones, both inside and outside of
the home. This combination paves the way for the development of a host
of new innovative products and services for our subscribers, new
digital media consumers and strategic partners.”
“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.”
