EchoStar Split Set for Jan. 1
Satellite TV Provider to Spin Off EchoStar Holding Corp.
By Linda Moss -- Multichannel News, 12/29/2007 7:38:00 AM
EchoStar Communications will cap its plans to split into two companies on New Year’s Day, as it starts distributing shares of its spin-off EchoStar Holding Corp. effective 12:01 a.m. MST Jan. 1 next year, officials said Friday.
EchoStar Communications will retain its pay-TV business, Dish Network, and EchoStar Holding Corp. will hold the technology and certain infrastructure assets, including its set-top box business and certain satellite assets.
The record date for the distribution was the close of business [5:00 p.m. EST] Dec. 27. EchoStar Communications plans to change its name to Dish Network Corp. following the completion of the separation.
Each shareholder of EchoStar Communications will receive for each share of common stock held as of the record date, 0.20 of a share of the same class of common stock of EchoStar Holding. If a shareholder of EchoStar Communications sells shares of EchoStar Communications common stock between the record date for the distribution and the distribution date, the buyer of those shares and not the seller will become entitled to receive the shares of EchoStar Holding common stock distributed in respect of those shares.
Shares of EchoStar Holding Class A common stock have been approved for listing on the Nasdaq Global Select Market under the symbol “SATS.” Shares of Class A common stock of EchoStar Communications ill continue to trade on the Nasdaq Global Select Market under the symbol “DISH.” Regular trading in shares of EchoStar Holding Class A common stock is expected to commence Jan. 2.
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