<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                            -------------------------
                                   FORM 10-K/A


                                 Amendment No. 1

                /X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934.
                   For the fiscal year ended December 31, 2000
                                       OR

            / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934.
                For the transition period from_______ to _______
                         Commission File Number 0-21389

                     PEGASUS SATELLITE COMMUNICATIONS, INC.
               (formerly named Pegasus Communications Corporation)

                                 ---------------

             (Exact name of registrant as specified in its charter)

                  Delaware                                  51-0374669
                  --------                                  ----------
      (State or other jurisdiction of                   (I.R.S.  Employer
       incorporation or organization)                 Identification Number)

  c/o Pegasus Communications Management Company
 225 City Line Avenue, Suite 200, Bala Cynwyd, PA             19004
 ------------------------------------------------             -----
    (Address of principal executive offices)               (Zip Code)

       Registrant's telephone number, including area code: (888) 438-7488

                                 --------------

           Securities registered pursuant to section 12(b) of the Act:
                                      None

           Securities registered pursuant to section 12(g) of the Act:
                                      None

                               -------------------

         Indicate by check mark whether the registrant: (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes /X/ No___

         Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of the Form 10-K or any
amendment to this Form 10-K. /X/

         On February 22, 2001, the Registrant reorganized its corporate
structure. In the reorganization all common and preferred stock of the
Registrant was exchanged for common and preferred stock of a newly formed
holding company. The new holding company assumed the name of Pegasus
Communications Corporation along with the publicly-traded common stock.

         Number of shares of each class of Pegasus Communications Corporation's
common stock outstanding as of March 28, 2001:

            Class A, Common Stock, $0.01 par value                46,260,736
            Class B, Common Stock, $0.01 par value                 9,163,800

         As of March 28, 2001, the Registrant's outstanding common stock
consisted of 200 shares of Class B common stock, $0.01 par value. The Registrant
is a wholly owned subsidiary of Pegasus Communications Corporation. None of the
Registrant's voting or non-voting common stock is held by non-affiliates of the
Registrant.

================================================================================
<PAGE>
                                Explanatory Note

         This Annual Report on Form 10-K/A constitutes Amendment No. 1 to the
Registrant's Form 10-K for the fiscal year ended December 31, 2000. This Annual
Report on Form 10-K/A for the fiscal year ended December 31, 2000 is being filed
solely to (1) amend Schedule II - Valuation and Qualifying Accounts under ITEM
14: Exhibits, Financial Statement Schedules and Reports on Form 8-K and (2) add
Exhibit 23.2, Consent of PricewaterhouseCoopers LLP, under ITEM 14: Exhibits,
Financial Statement Schedules and Reports on Form 8-K.


ITEM 14: EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

         (3) Exhibits

Exhibit
Number        Description of Document
------        -----------------------

23.2*         Consent of PricewaterhouseCoopers LLP.

---------
* Filed herewith.

                                   SIGNATURES

         Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                   PEGASUS SATELLITE COMMUNICATIONS, INC.

                                   By:      /s/ Scott A. Blank
                                       ---------------------------------
                                            Scott A. Blank
                                            Vice President
Date: April 4, 2001

         Pursuant to the requirements of the Securities Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.
<TABLE>
<CAPTION>
<S>                                         <C>                                        <C>
              *                             Chairman of the Board, Chief
--------------------------------            Executive Officer and President             April 4, 2001
Marshall W. Pagon                           (Principal Executive Officer)


              *                             Executive Vice President, Chief
--------------------------------            Administrative Officer, Secretary           April 4, 2001
Ted S. Lodge                                Director
</TABLE>



<PAGE>
<TABLE>
<CAPTION>
<S>                                         <C>                                        <C>
                       *                    Vice President and Chief                    April 4, 2001
------------------------------------        Financial Officer
M. Kasin Smith                              (Principal Financial and
                                            Accounting Officer)


                       *                    Director                                    April 4, 2001
------------------------------------
Robert F. Benbow

                       *                    Director                                    April 4, 2001
------------------------------------
William P. Collatos

                       *                    Director                                    April 4, 2001
------------------------------------
Harry F. Hopper III

                       *                    Director                                    April 4, 2001
------------------------------------
James J. McEntee, III

                        *                   Director                                    April 4, 2001
------------------------------------
Mary C. Metzger

                        *                   Director                                    April 4, 2001
------------------------------------
William P. Phoenix

                         *                  Director                                    April 4, 2001
------------------------------------
Robert N. Verdecchio


*By:   /s/ Scott A. Blank
       ---------------------
         Attorney-in-fact
</TABLE>
                                      -2-

<PAGE>

PEGASUS SATELLITE COMMUNICATIONS, INC.
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
For the Years Ended December 31, 1998, 1999 and 2000
(In thousands)
<TABLE>
<CAPTION>
                                 Balance at       Additions         Additions                      Balance at
                                Beginning of      Charged To        Charged To                      End of
Description                        Period          Expenses       Other Accounts     Deductions     Period
<S>                             <C>              <C>             <C>                <C>           <C>
Allowance for
Uncollectible
Accounts Receivable
------------------------------
     Year 1998                       $ 319          $2,847           $ 183(a)       $ 2,782(c)       $ 567
     Year 1999                         567           8,369              -             7,526(c)       1,410
     Year 2000                       1,410          14,531           1,000(b)        13,638(c)       3,303



Valuation Allowance for
Deferred Tax Assets (d)
------------------------------
     Year 1998                     $13,297          $  -             $  -            $7,996(f)      $5,301
     Year 1999                       5,301          54,507              -               -           59,808
     Year 2000                      59,808             -             2,729(e)        62,537(g)         -
</TABLE>
(a) Amount acquired as a result of the merger with Digital Television Services,
    Inc.
(b) Represents allowance for doubtful accounts obtained in the acquisition of
    Golden Sky Holdings, Inc.
(c) Amounts written off, net of recoveries.
(d) Ending balances for 1998 and 1999 have been restated for the revisions to
    purchase accounting for the acquisitions indicated in (f) and (g) below.
(e) Net operating loss carryfowards incurred during the year.
(f) Valuation allowances no longer required as a result of the purchase
    accounting revisions made to the Digital Television Services acquisition.
(g) Valuation allowances no longer required as a result of the purchase
    accounting revisions made to the Digital Television Services and Golden Sky
    Holdings acquisitions.


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