TS News - Loral To Acquire AT&T SkyNet Satellite Service
From: email@example.com (Martyn Williams)
Date: Sat, 28 Sep 1996 10:16:59 +0900
From firstname.lastname@example.org Fri Sep 27 21: 32:37 1996
TELE-satellit News, 28 September 1996
Loral To Acquire AT&T SkyNet Satellite Service
NEW YORK, New York, USA, 96/09/28 (TS) -- Loral Space & Communications has
announced that it has entered into a definitive agreement to acquire AT&T's
SkyNet Satellite Services for $712.5 million in cash. The acquisition is the
first for the "new" Loral and, together with Loral's existing satellite
activities, creates one of the world's largest satellite-based businesses.
SkyNet is a leading US satellite operator specializing in the distribution
of TV programming to the nation via a network of C- and Ku-band
geosynchronous satellites known as the Telstar series. The company also
operates two state-of-the-art satellite telecommunications control stations
and an advanced research and development facility.
"SkyNet will serve as a critical building block for our worldwide
satellite network service strategy," stated Loral chairman and chief
executive officer, Bernard L. Schwartz. "SkyNet, one of the three leading
domestic satellite service providers, was our premier opportunity for value
to advance this strategy. Historically a domestic provider, SkyNet not only
jump starts our US capabilities, but provides us with a world-class platform
for expansion into the international arena."
(c)TELE-satellit 1996. All rights reserved.
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