Pegasus to buy Golden Sky

Deal worth $1 bil

NEW YORK — Pegasus Communications, a direct broadcast satellite and TV broadcast group, said Tuesday that it has agreed to buy privately held Golden Sky Holdings for $1 billion in stock and assumed debt.

Pegasus, of Bala Cynwyd, Pa., said it would issue 6.5 million new shares valued at about $632 million and assume $373 million in Golden Sky debt and other liabilities.

Separately, Pegasus also said it plans to sell its Puerto Rico cable systems to Centennial de Puerto Rico, a unit of Centennial Cellular Corp., for $170 million in cash.

Pegasus is one of the largest independent providers of DBS services to rural areas on the DirecTV platform, serving 1.1 million DBS subs in 41 states. It also owns or operates 10 TV stations. Golden Sky is an independent provider of programming services from DirecTV as well.

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