EchoStar Acquires Move Networks, a Broadband Streaming Video Firm
Looking to beef up its broadband streaming video portfolio, EchoStar has purchased the assets of Move Networks, a pioneer in the field that boasts clients worldwide but couldn't muster enough profitability to survive as a standalone company.
Move Networks signaled several months ago that it was laying off employees and looking to be acquired, hopefully for something near $150 million, though EchoStar didn't disclose the price it paid.
The company was backed by Microsoft, Cisco and Disney's Steamboat Ventures, among others.
EchoStar, sister company to Dish Network, provides satellite services and develops and distributes set-top boxes and other technological devices attractive to the TV industry. It also houses Sling Media and its Slingbox.
"TV providers are increasingly demanding the highest quality video delivery over normal Internet connections, and Move Networks' patent portfolio and proven customer experience allow us to give clients the core technology necessary to stream live and video-on-demand content," said Roger Lynch, executive vp of EchoStar Advanced Technologies.