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. Last Updated: 07/27/2016

Pegasus Reach Grows

NEW YORK -- Pegasus Communications Corp., a provider of direct broadcast satellite television, said Tuesday it would buy Golden Sky Holdings Inc. for more than $690 million in stock, extending its reach into rural areas.

The company will also assume Golden Sky's net debt and other liabilities, which were approximately $373 million as of Sept. 30, 1999. Including the assumption of debt, the transaction is valued at nearly $1.1 billion.

The combined operations of Bala Cynwyd, Pennsylvania-based Pegasus and Golden Sky would serve over 1.1 million subscribers in 41 states and reach approximately 7.2 million rural households, making Pegasus the third largest provider of DBS and the eighth largest multichannel provider in the United States.