-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BWkHToo6l+AD2RhPLRv8ZxXA0LPpYXpi764TgTg1q/9eUZ0ZUsK2JMXS8onCdyGu
 A3ZQHdSPOYTWH/ibJZfbwA==

<SEC-DOCUMENT>0001125282-03-003953.txt : 20030620
<SEC-HEADER>0001125282-03-003953.hdr.sgml : 20030620
<ACCEPTANCE-DATETIME>20030620165842
ACCESSION NUMBER:		0001125282-03-003953
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030620
FILED AS OF DATE:		20030620

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEGASUS COMMUNICATIONS CORP /
		CENTRAL INDEX KEY:			0001135338
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEVISION BROADCASTING STATIONS [4833]
		IRS NUMBER:				233070336
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		225 CITY LINE AVE
		STREET 2:		STE 200
		CITY:			BALA CYNWYD
		STATE:			PA
		ZIP:			19004
		BUSINESS PHONE:		8884387488

	MAIL ADDRESS:	
		STREET 1:		225 CITY LINE AVE
		STREET 2:		STE 200
		CITY:			BALA CYNWYD
		STATE:			PA
		ZIP:			19004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEGASUS HOLDINGS CORP I
		DATE OF NAME CHANGE:	20010221

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PAR CAPITAL MANAGEMENT INC
		CENTRAL INDEX KEY:			0001051359
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-32383
		FILM NUMBER:		03752223

	BUSINESS ADDRESS:	
		STREET 1:		ONE FINANCIAL CENTER SUITE 1600
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
		BUSINESS PHONE:		6175268990

	MAIL ADDRESS:	
		STREET 1:		ONE FINANCIAL CENTER SUITE 1600
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>b325566_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   04/22/03  TZ    -->
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-06-20</periodOfReport>
    <issuer>
        <issuerCik>0001135338</issuerCik>
        <issuerName>PEGASUS COMMUNICATIONS CORP /</issuerName>
        <issuerTradingSymbol>PGTV</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
      <reportingOwnerId>
            <rptOwnerCik>0001051359</rptOwnerCik>
            <rptOwnerName>PAR CAPITAL MANAGEMENT INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
       </reportingOwnerRelationship>
   </reportingOwner>
   <nonDerivativeSecurity>
      <securityTitle>
         <value>Pegasus Communications Class A Common</value>
      </securityTitle>
      <transactionDate>
         <value>2003-06-18</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>P</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>7300</value>
         </transactionShares>
         <transactionValue>
           <value>27.39</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>557300</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeSecurity>
   <derivativeSecurity>
      <securityTitle>
         <value>Pegasus Communications 6.5% Series C Preferred</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>0</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-06-19</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>P</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>0</value>
         </transactionShares>
         <transactionValue>
           <value>0</value>
            <footnoteId id="F1"/>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>1988-08-08</value>
      </exerciseDate>
      <expirationDate>
         <value>1988-08-08</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Pegasus Communications Class A Common</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>3247</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>56193</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeSecurity>
   <footnotes>
<footnote id="F1"> Each whole share of Series C Preferred is currently convertible into .157 shares of Class A Common stock at the option of the holder.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Frederick S. Downs, Jr.</signatureName>
      <signatureDate>2003-06-20</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----