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Pegasus Communications Corp.

BALA CYNWYD, PA. - Pegasus Communications Corp.,
a reseller of direct-broadcast satellite service from DirecTV Inc., last week said it completed the reorganization of its existing businesses under a newly created company.

According to a press release, Pegasus said it formed a new holding company-also called Pegasus Communcations Corp.-and placed the assets formerly held by Pegasus Communications into a new entity called Pegasus Satellite Communications Inc., a direct subsidiary of Pegasus Communications.

In connection with the reorganization, Pegasus' broadband and television-centric Internet access business will be operated by Pegasus Broadband Communications Inc., a subsidiary of Pegasus Satellite. Pegasus' existing DBS business is retained by Pegasus Satellite, as is its broadcast-television business.

Pegasus' other assets-including intellectual property rights licensed from Personalized Media Communications-are now held by direct subsidiaries of the new holding company.

Pegasus said its new structure will increase its flexibility to pursue new initiatives and activities through the subsidiaries, rather than through Pegasus Satellite.