EchoStar Communications Corp. last week officially closed on its $1.2 billion purchase of News Corp./MCI WorldCom's satellite assets.

Broadcasting & Cable, June, 1999

EchoStar Communications Corp. last week officially closed on its $1.2 billion purchase of News Corp./MCI WorldCom's satellite assets. For 8.6 million shares of EchoStar Class A stock, News Corp. and MCI WorldCom sold EchoStar an FCC license to operate a satellite at 110 degrees west longitude and two high-power, Loral-built satellites.

News Corp. and MCI WorldCom purchased the direct broadcast satellite license from the FCC in 1996 for $682.5 million. The FCC last month cleared the transfer of that license to EchoStar. EchoStar plans to launch the two satellites into the 110 slot late this summer and fall. Once those satellites are up, EchoStar will have a total of 50 high-power frequencies on which to offer video and audio programming.