US-based EchoStar Advanced Technologies, a subsidiary of satellite operator EchoStar Corp, has snapped up the operations of struggling local movie-streaming company Move Networks.
No financial details were revealed. However, EchoStar, which provides…
US-based EchoStar Advanced Technologies, a subsidiary of satellite operator EchoStar Corp, has snapped up the operations of struggling local movie-streaming company Move Networks.
No financial details were revealed. However, EchoStar, which provides equipment, digital broadcast operations and satellite services, said it is looking to expand its portfolio of television technologies serving cable, satellite, telcos and IPTV video providers via the acquisition.
“TV providers are increasingly demanding the highest quality video delivery over normal internet connections, and Move Network’s 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 vice president of EchoStar Advanced Technologies, in a statement.
Founded in 2006, Move Networks quickly managed to sign contracts with several major broadcasters, including ABC and Sky News. It sort to gain scale through a series of bolt-on acquisitions, including that of IPTV broadcaster Inuk Networks in 2009. Despite raising about US$90m from several private investors, the company has faced severe financial difficulties in recent years and was forced to make a number of redundancies over the past year and last June put itself up for sale.
For EchoStar, this acquisition comes just over three years after it snapped up Sling Media for about US$380m. That purchase allowed it to integrate Sling technology into its set-top boxes, as well as to license the technology to consumer electronics manufacturers.
Shortly after, in early 2008 EchoStar’s pay-TV unit Dish Network was spun off. But both companies are still controlled by television mogul Charlie Ergen.
In a filing released at the time, EchoStar stated that its new technology and infrastructure business would have two primary businesses, a digital set-top box business and a fixed satellite services business.
