Wow, this is big. Dave Zatz sends word that SlingMedia has just been gobbled up by EchoStar. EchoStar Communications Corporation is the Dish Network.

EchoStar Communications Corporation (NASDAQ: DISH) announced today that it has agreed to acquire Sling Media, Inc., a privately-held digital lifestyle products company. EchoStar, through its DISH Network^®, is the third largest pay-TV provider in the United States. The transaction values Sling Media at approximately $380 million and is payable in cash and EchoStar options. The transaction is subject to customary closing conditions, and is expected to close in the fourth quarter of 2007.

Established in 2004, Sling Media has been a leading innovator in the digital lifestyle space through the introduction of the internationally-acclaimed, Emmy award-winning SlingboxT and SlingPlayerT software. Sling Media's product line is distributed in over 5,000 retail stores in 11 countries.

In 2006, Sling Media created the Sling Entertainment Group with the mission of developing entertainment experiences and business models that reach beyond the Slingbox. The group also fosters and manages relationships with content creators and owners. Its first initiative, Clip+SlingT, dramatically changes the way consumers socialize around TV by enabling users to clip and share limited segments of their favorite television programming.

"As an early investor in Sling Media, EchoStar has been pleased with the progress and commitment the company has made establishing Sling Media and the Slingbox as powerful and beloved digital media b rands," said Charlie Ergen, CEO and co-founder of EchoStar. "With today's increasingly mobile lifestyle, EchoStar's acquisition of Sling Media will allow us to offer innovative and convenient ways for our customers to enjoy their programming on more displays and locations, including TVs, computers and mobile phones, both inside and outside of the home. This combination paves the way for the development of a host of new innovative products and services for our subscribers, new digital media consumers and strategic partners."

"We are psyched to make this announcement. We have worked closely with EchoStar for more than two years, and have come to realize that both companies have similar entrepreneurial cultures and mutual dedication and passion for creating empowering experiences that benefit the consumer and the media industry," said Blake Krikorian, co-founder, chairman and CEO of Sling Media. "By combining strategies, resources and technologies with EchoStar, Sling Media will be able to rapidly expand our open multi-platform product offerings, not only for DISH Network subscribers, but for digital media enthusiasts around the globe."

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