Satellite television provider EchoStar Communications Corp. has agreed to acquire Sling Media Inc. in a deal that values the maker of the Slingbox device at $380 million.The deal is payable in cash and EchoStar options and is expected to close by the end of the year, Englewood-based EchoStar said late Monday. Sling Media, based in Foster City, Calif., makes devices that allows users to watch their home TV signals on any Internet-connected computer.

"As an early investor in Sling Media, EchoStar has been pleased with the progress and commitment the company has made establishing Sling Media and the Slingbox as powerful and beloved digital media brands," EchoStar Chief Executive Charlie Ergen said in a written statement.

Sling Media CEO Blake Krikorian said the deal would help Sling Media expand.

"We are psyched to make this announcement," Krikorian said. "We have worked closely with EchoStar for more than two years and have come to realize that both companies have similar entrepreneurial cultures and mutual dedication and passion for creating empowering experiences that benefit the consumer and the media industry."