TCI Satellite shareholders greenlight going public

Primestar partnership approved, still awaiting FCC's ruling

WASHINGTON — Stockholders in Tele-Communications Inc. spin-off TCI Satellite Entertainment have approved the proposed roll-up of the Primestar partnership into a publicly traded company.

The shareholder approval takes the partnership one step closer to its new corporate structure. TSAT and the other partners — Time Warner, Cox, Comcast MediaOne and GE Americom — hope to complete the restructuring by April 1.

Meanwhile, Primestar still is waiting for Federal Communications Commission approval on its request to purchase the DBS license now controlled by News Corp. and MCI. The FCC is taking a close look at the proposed deal because it is wary of handing over the last remaining DBS license to a company controlled by the biggest players in the cable industry. In the face of rising cable rates, the FCC is concerned that the slot will be used to undermine the developing rivalry between DBS and the cable industry.

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