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03/11/2004 Archived Entry: "good news and bad news"
Posted by CKL @ 10:06 AM PST

First the good news:

"Viacom and EchoStar Communications said Thursday that they had ended a contractual dispute, restoring CBS broadcasts to 1.6 million EchoStar viewers."

"The multi-year agreement restores full service of CBS in 16 markets as well as Comedy Central, MTV, MTV2, Nickelodeon, Noggin, GAS, VH1, VH1 Classic, MTV Espanol and BET in all markets. Additionally, the agreement extends the term of the carriage for CBS HD (East and West) channels, as well as Spike TV, CMT and TV Land. DISH Network will also launch Nicktoons on its America's Top 180 package this spring."
-- EchoStar/Viacom joint press release

Now the bad news:

"EchoStar then revealed it is subject of a probe by the Securities and Exchange Commission that may require a restatement of its 2001 results, though it appeared that the company's accounting may actually have been too conservative... The probe relates to how EchoStar accounted for reserve funds it would use to pay for replacement smart cards... EchoStar said the SEC has told it that the company mis-accounted for $17 million and $9 million in 2001 and 2002. While the dollar amounts are small and it appears EchoStar erred on the side of conservatism, analysts said any irregularity is cause for concern."


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