Thursday, January 6, 2011

Echostar Buys Move Networks

Englewood, Colorado-based Echostar and American Fork, Utah-based Move Networks said Thursday afternoon that Echostar has acquired the assets of Move Networks. Financial terms of the deal were not disclosed. Echostar said that the acquisition was made by subsidiary EchoStar Advanced Technologies L.L.C. Move was a developer of high definition streaming technology for video on the Internet. The firm was founded by Drew Major. The move comes roughly six months after Move said it was laying off its staff, and was looking for a buyer. Move was backed by Steamboat Ventures, Hummer Winblad Venture Partners, Benchmark Capital, Microsoft, Cisco, Comcast and Televisa.