12-04-01, 05:29 AM
General Motors, Hughes Electronics and EchoStar filed their application at the Federal Communications Commission seeking approval for transfer control of certain licenses connected to their proposed merger.
The companies state in the application that the proposed transaction would comply with FCC rules and bring benefits to consumers through more effective competition to cable television. In late October, the companies announced the proposed $25.6 billion transaction, in which Hughes would separate from General Motors and merge with EchoStar. The new company would be named EchoStar and would market its video products and services under the DirecTV brand.
In the application, the FCC is being asked to allow for the transfer of control of satellite and earth station licenses and other related authorizations currently held by the companies to the new entity.
"With the enormous efficiencies generated by this merger, we can accelerate the delivery of local TV channels for more Americans, increase HDTV services and provide for a faster introduction of high-speed Internet access," said Charlie Ergen, chairman and CEO of EchoStar. "This merger is the best hope to provide true competition to cable companies."
In addition to the FCC review, the transaction is being reviewed by the Department of Justice Antitrust Division to ensure the merger complies with antitrust laws. The transaction is also subject to other regulatory reviews, including by the Internal Revenue Service and the Securities and Exchange Commission
From <a href="http://www.skyreport.com" target=none>SkyReport</a> (Used with permission)
The companies state in the application that the proposed transaction would comply with FCC rules and bring benefits to consumers through more effective competition to cable television. In late October, the companies announced the proposed $25.6 billion transaction, in which Hughes would separate from General Motors and merge with EchoStar. The new company would be named EchoStar and would market its video products and services under the DirecTV brand.
In the application, the FCC is being asked to allow for the transfer of control of satellite and earth station licenses and other related authorizations currently held by the companies to the new entity.
"With the enormous efficiencies generated by this merger, we can accelerate the delivery of local TV channels for more Americans, increase HDTV services and provide for a faster introduction of high-speed Internet access," said Charlie Ergen, chairman and CEO of EchoStar. "This merger is the best hope to provide true competition to cable companies."
In addition to the FCC review, the transaction is being reviewed by the Department of Justice Antitrust Division to ensure the merger complies with antitrust laws. The transaction is also subject to other regulatory reviews, including by the Internal Revenue Service and the Securities and Exchange Commission
From <a href="http://www.skyreport.com" target=none>SkyReport</a> (Used with permission)