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EXHIBIT 99.2
PEGASUS COMMUNICATIONS CORPORATION ANNOUNCES
EXCHANGE OFFER FOR SERIES A PREFERRED STOCK
BALA CYNWYD, PA, November 9, 2000 - Pegasus Communications Corporation (NASDAQ:
PGTV) announced today that it will offer to issue shares of a newly issued
series of preferred stock in exchange for the Series A Preferred Stock to be
issued by its new holding company upon completion of its holding company
reorganization.
In the reorganization, which Pegasus announced separately today, the
existing company that operates under the name Pegasus Communications Corporation
will change its name to Pegasus Satellite Communications, Inc. and become a
subsidiary of a new holding company (the "New Holding Company") that will assume
the name Pegasus Communications Corporation. In the reorganization, the existing
Series A Preferred Stock will become identical Series A Preferred Stock of the
New Holding Company. In the exchange offer, Pegasus Satellite Communications,
Inc. will offer to exchange a new series of its preferred stock for the New
Holding Company's Series A Preferred Stock. The terms of the new series will be
identical to those of the existing series. The offer will not affect the other
series of preferred stock. It is intended that the exchange offer and the
reorganization will be completed concurrently.
The securities being offered in the exchange offer will not be
registered under the Securities Act of 1933 and may not be offered or sold in
the United States without registration or an applicable exemption from
registration requirements.
About Pegasus
Pegasus Communications Corporation (www.pgtv.com) is one of the fastest growing
media companies in the United States and serves approximately 1.3 million DBS
customers in 42 states. Pegasus is the tenth largest multichannel video provider
in the United States and the only publicly traded cable, satellite TV or
Internet services company exclusively focused on providing service to rural and
underserved areas. Through agreements with MetaTV, Liberate Technologies,
ZipLink, Hughes Network Systems and other companies, Pegasus is expanding the
array of advanced digital products and services it offers through the more than
3,000 independent retailers in the Pegasus Retail Network to include interactive
television, narrowband TV centric Internet access and broadband Internet access
to TV's, PC's and other Internet access appliances.
Safe Harbor
Certain matters contained in this news release concerning the business outlook,
which are not historical facts in this press release are made pursuant to the
Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995,
and will be considered forward looking statements. Such forward looking
statements may be identified with words such as "we expect", "we predict", "we
believe", "we project", "we anticipate" and similar expressions. Pegasus' actual
results may differ materially from those expressed or indicated by
forward-looking statements. There can be no assurance that these future events
will occur as anticipated or that the Company's results will be as estimated.
Factors which can affect the Company's performance are described in the
Company's filings with the Securities and Exchange Commission. This press
release also contains information about pending transactions and there can be no
assurances that these transactions will be completed.
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For further information, please contact:
Yolanda Robins Jeff Majtyka
Pegasus Communications Corporation Brainerd Communications, Inc.
(610) 934-7030 (212) 986-6667
[email protected] [email protected]
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