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DISH buying EchoStar's broadcast satellite business; Discovery buys Golf Digest

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DISH buying EchoStar's broadcast satellite business; Discovery buys Golf Digest

S&P Global Market Intelligence provides a wrap-up of U.S. companies' technology, media and telecommunications deal announcements, completions and updates from May 14 to May 20.

Announcements

* DISH Network Corp. agreed to acquire EchoStar Corp.'s broadcast satellite service division in a tax-free, all-stock deal valued at about $800 million. Under the deal, EchoStar will transfer operations and other assets that comprise the company's broadcast satellite service business — including nine direct broadcast satellites — licensing for the 61.5-degree orbital slot and select real estate properties to DISH in exchange for about 22,937,188 shares of DISH stock to be distributed to EchoStar shareholders. The transaction is expected to close in the second half of 2019.

* Standard Media Group LLC agreed to acquire two Citadel Communications LLC TV stations for $83 million. The stations are WLNE-TV, the ABC (US) affiliate for the Providence, R.I.–New Bedford, Mass., market, and KLKN (TV), the ABC affiliate for the Lincoln and Hastings-Kearney, Neb., market. The transaction is expected to close in the fourth quarter.

* Mobiquity Technologies Inc. reached an agreement to buy the remaining 51% stake of Advangelists LLC from Glen Eagle Advisors LLC for $600,000 in cash, paid upon execution of the contract. Mobiquity Technologies is a mobile-first platform-as-a-service company for data and advertising. Advangelists provides a technology platform for digital programmatic advertisers.

Completions

* Live Nation Entertainment Inc. has acquired Los Angeles-based concert promoter Spaceland Presents for an undisclosed amount. The deal includes the purchase of Spaceland's Los Angeles-area venues The Echo, Echoplex and The Regent Theater. Spaceland Presents produces and books talent for more than 1,200 concerts and events yearly.

* Funds advised by private equity firm Madison Dearborn Partners LLC acquired a majority ownership position in InMoment Inc. from existing shareholders. InMoment owns and operates a cloud-based customer experience optimization platform that helps brands use customer stories to inform business decisions.

* Dotdash, a digital media operating business of IAC/InterActiveCorp., acquired wedding and bridal brand Brides from Conde Nast Entertainment LLC. Financial terms of the transaction were not disclosed. The Brides print magazine will be discontinued after the August/September issue in the U.S. and the September/October issue in the U.K.

* Private equity firms Cove Hill Partners LP and Clearlake Capital Group LP invested in NetVoyage Corp., which provides a cloud-based content services platform for law firms and corporate legal and compliance departments. Following the investment, Cove Hill became a minority shareholder of NetDocuments.

* Private equity firm L Squared Capital Partners divested its stake in Virtium Technology Inc. to middle-market investor Court Square Capital Partners LP for an undisclosed sum. Rancho Santa Margarita, Calif.-based Virtium designs, manufactures and supports solid-state storage and memory solutions.

* Discovery Inc. has acquired Golf Digest from Conde Nast, according to a May 13 news release. The financial details of the deal were not disclosed. However, two sources told The New York Times that the deal was worth $35 million. Following the acquisition, Discovery will assume the global licenses for Golf Digest editions in about 70 countries. Golf Digest will also continue publishing a U.S. monthly print magazine.

* Redwood Logistics LLC bought Horsham, Pa.-based Eminent Global Logistics, which provides transportation management systems implementation and integration services. The companies did not disclose financial terms of the deal.

Updates

* T-Mobile US Inc. and Sprint Corp. are working on concessions to win regulatory approval for their proposed merger, Bloomberg News reported May 19, citing people with knowledge of the matter.

The concessions, which could be announced as early as this week, will reportedly include asset sales, a commitment to a three-year build-out of their 5G network and rural-service guarantees. Sprint and T-Mobile extended the expected closing date of their proposed merger to July 29.

* Walt Disney Co. has struck a deal with Comcast Corp. to assume full operational control of streaming platform Hulu LLC immediately and buy out Comcast's minority stake in five years.

Under the terms of the deal, Comcast is guaranteed to receive at least $5.8 billion, with Hulu's total equity valued at no less than $27.5 billion, though the streaming platform's value will be assessed by independent experts at the time of sale. Disney acquired a majority 66% stake in Hulu through its recent acquisition of former 21st Century Fox Inc. assets.