sling-media.pngEchostar, a satellite TV provider, has purchased Sling Media, the maker of the Slingbox device that lets consumer record and play television shows on computers and mobile phones, for $380 million.

Sling raised two rounds of funding for a total of $56.6 million,

Echostar participated in its second round — a cool $46.6 million in January 2006, that also included investment from Allen & Company, Goldman Sachs and Liberty Media.

It previously raised $10.5 million in a November 2004 round from Mobius Venture Capital, DCM (Doll Capital Management), Hearst Media Corporation, and others.

DCM, Sling’s largest VC shareholder, made a 10x return on the investment from its first round alone, it says, calling the purchase one of the “most successful post-bubble exits among consumer-device plays in digital media.”