Dish Network will bid for TerreStar
June 16, 2011
Dish Network chairman Charlie Ergen has renewed efforts to acquire TerreStar Networks, agreeing to submit a “stalking horse” bid of $1.375 billion for the bankrupt hybrid- satellite-technology firm.
TerreStar’s assets are slated to be auctioned on June 30th, with Dish’s offer to serve as the opening bid, according to bankruptcy-court filings.
TerreStar offers wholesale wireless voice and Internet services through ground-based and satellite communications systems. The company currently partners with AT&T on a mobile phone service.