Sling Media, maker of the SlingBox TV-streaming device, is set to be acquired by EchoStar Communications, which operates the Dish Network direct-to-home satellite TV service in the US.

The two companies have come to an agreement that will see EchoStar acquire Sling Media with a mixture of cash and EchoStar options. The deal values Sling Media at $380m and is scheduled to close in the fourth quarter of this year.

EchoStar is already an investor in privately-held Sling Media. Others that have been announced include: Mobius Venture Capital, DCM (Doll Capital Management), Hearst Media, Allen & Co, Goldman Sachs and Liberty Media.

Sling Media got a big break at the Consumer Electronics Show in Las Vegas in January 2005 when its SlingBox was named one of the best gadgets at the show. The SlingBox range now includes a family of devices that can stream home entertainment content, such as off-the-air TV, cable, satellite, DVD and other content across a home network or the internet to a receiver or client software running on a PC or mobile phone.