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May 20, 1999| Bloomberg News

Satellite Deal Gets OK by FCC: EchoStar Communications Corp.'s proposed $1.46-billion purchase of the satellite assets of News Corp. and MCI WorldCom Inc. won Federal Communications Commission approval. In November, Littleton, Colo.-based EchoStar said it would exchange 37% of its stock for two satellites, licenses and other satellite-TV facilities owned by News Corp. and MCI WorldCom. The added satellite capability will allow EchoStar to boost capacity to 500 channels from the 120 it now offers. The FCC ruled that the transaction would help EchoStar compete against the dominant cable TV industry, which controls 85% of the home-TV subscription marketplace. The Justice Department already ruled that the transaction posed no antitrust problem. EchoStar stock rose $2.63 to close at $113.38 on Nasdaq. MCI WorldCom shares fell 38 cents to close at $88.50, also on Nasdaq. News Corp.'s American depositary receipts closed down $44 at $33.88 on the New York Stock Exchange.

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