-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 ESa045zxhlrTEDXjUi8m+j1IrLv5wlXCAj1D0I/qdcKWexs/VPDc4diUnDdlsqc4
 DB/iqI5pW00BL2SR7lDG9g==

<SEC-DOCUMENT>0000919574-04-001853.txt : 20040607
<SEC-HEADER>0000919574-04-001853.hdr.sgml : 20040607
<ACCEPTANCE-DATETIME>20040607162736
ACCESSION NUMBER:		0000919574-04-001853
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040603
FILED AS OF DATE:		20040607

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PENINSULA CAPITAL ADVISORS LLC
		CENTRAL INDEX KEY:			0001265816

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-32383
		FILM NUMBER:		04852092

	MAIL ADDRESS:	
		STREET 1:		404B EAST MAIN STREET
		CITY:			CHARLOTTESVILLE
		STATE:			VA
		ZIP:			22902

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PENINSULA INVESTMENT PARTNERS LP
		CENTRAL INDEX KEY:			0001130325

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-32383
		FILM NUMBER:		04852093

	BUSINESS ADDRESS:	
		STREET 1:		404B EAST MAIN ST.
		STREET 2:		2ND FL.
		CITY:			CHARLOTTESVILLE
		STATE:			VA
		ZIP:			22902

	MAIL ADDRESS:	
		STREET 1:		404B EAST MAIN ST.
		STREET 2:		2ND FL.
		CITY:			CHARLOTTESVILLE
		STATE:			VA
		ZIP:			22902

	FORMER NAME:	
		FORMER CONFORMED NAME:	PENINSULA PARTNERS LP
		DATE OF NAME CHANGE:	20001220

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>p491054_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-06-03</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001135338</issuerCik>
        <issuerName>PEGASUS COMMUNICATIONS CORP /</issuerName>
        <issuerTradingSymbol>PGTV</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001130325</rptOwnerCik>
            <rptOwnerName>PENINSULA INVESTMENT PARTNERS LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>404B EAST MAIN ST.</rptOwnerStreet1>
            <rptOwnerStreet2>2ND FL.</rptOwnerStreet2>
            <rptOwnerCity>CHARLOTTESVILLE</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>22902</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001265816</rptOwnerCik>
            <rptOwnerName>PENINSULA CAPITAL ADVISORS LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>404B EAST MAIN STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CHARLOTTESVILLE</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>22902</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock par value $0.01</value>
            </securityTitle>
            <transactionDate>
                <value>2004-06-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>63300</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>11.88</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3008950</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote 1</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">These securities are held in the account of Peninsula Investment Partners, L.P. (the &quot;Partnership&quot;) for which Peninsula
 Capital Advisors, LLC (&quot;Peninsula Advisors&quot;) serves as investment manager and in the accounts of a trust and retirement
 account managed by Peninsula Advisors.  Mr. R. Ted Weschler is the managing member of Peninsula Advisors.  Peninsula
 Advisors and Mr. Weschler may be deemed to beneficially own the securities held by the Partnership by virtue of Peninsula
 Advisor's position as investment manager of the Partnership and Mr. Weschler's status as the managing member of Peninsula
 Advisors.</footnote>
    </footnotes>

    <remarks>(+)  Each of the reporting person and the joint filer (each, a &quot;Reporting Person&quot; and collectively, the &quot;Reporting Persons&quot;)
 disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein.  The
 Reporting Persons affirmatively disclaim being a &quot;group&quot; for purposes of Section 16 of the Securities Exchange Act of 1934,
 as amended.</remarks>

    <ownerSignature>
        <signatureName>By:  Peninsula Investment Partners, LP(+) By: Peninsula Capital Appreciation, LLC, its General Partner By: /s/ R. Ted Weschler, Managing Member</signatureName>
        <signatureDate>2004-06-07</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>By:  Peninsula Capital Advisors, LLC(+) By: R. Ted Weschler, Managing Member</signatureName>
        <signatureDate>2004-06-07</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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