EchoStar Communications’ spinoff of its set-top box manufacturing...
EchoStar Communications’ spinoff of its set-top box manufacturing arm was to take effect Tuesday, the company said. EchoStar Holding Corp.’s Class A common stock will trade under the SATS ticker symbol on the Nasdaq, it said. Each EchoStar stockholder…
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was to get 0.2 of a share of the same class of common stock of EchoStar Holding for each EchoStar share they owned as of Dec. 27, the company said. EchoStar, which moved to spin off EchoStar Holding in September, will change its name to DISH Network Corp. While there has been speculation that AT&T might be interested in DISH, federal law bars a stock deal from being executed until two years after a spin-off is complete, Philip Frank, president and portfolio manager of Insight Asset Management, wrote on seekingalpha.com. Insight will have investments in DISH and EchoStar Holding after the spin-off. “I think EchoStar’s spin-off is ultimately about an acquisition, either by AT&T or the new Liberty Entertainment and DirecTV,” Frank said. Liberty is expected to complete it acquisition of News Corp.’s 38 percent of DirecTV by early 2008. Under the proposed $11 billion asset swap, News Corp. will exchange its interest in DirecTV and three Fox regional sports networks for Liberty’s 17 percent of the company (CED Feb 6 p2).