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RadioShack Will Sell EchoStar's Dish Network

IN BRIEF / Entertainment

February 20, 2002|Bloomberg News

RadioShack Corp., the third-largest U.S. electronics retailer, will sell EchoStar Communications Corp.'s Dish Network, the second-largest U.S. satellite-television service, in its 5,100 company-owned stores by April.

Terms of the deal were not disclosed. RadioShack already sells a satellite service from No. 1 U.S. provider Hughes Electronics Corp., which EchoStar agreed to purchase in October.

The Fort Worth-based retailer also expects most of its roughly 2,200 franchise stores to sell the Dish Network, a spokeswoman said. EchoStar agreed to buy Hughes from General Motors Corp. for stock, cash and assumed debt now worth $29.2 billion.

RadioShack shares fell $1 to $26.59 on the New York Stock Exchange. EchoStar fell 73 cents to $22.34 on Nasdaq.

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