JSAT, PanAmSat agree on telecom satellite joint venture.
(EDS: UPDATING WITH ANNOUNCEMENT)
JSAT Corp., Japan's largest communications satellite operator, said Wednesday it has agreed with PanAmSat Corp. of the United States to form a fifty-fifty joint venture to launch a communications satellite in late 2002.
The joint venture, Horizons Satellite, will be set up this month with initial capital of $100 million (about 12.5 billion yen).
It will put the satellite midway between the U.S. West Coast and Hawaii, at a longitude of 127 degrees west, to provide communications services to North America, Latin America and Hawaii, the company said.
JSAT is the first Japanese satellite communications firm to launch services in the U.S. market.
JSAT also said it will set up a wholly owned subsidiary, JSAT International Inc., in Delaware this month to carry out the new project.
The company aims to reach annual revenues of 2 billion yen within three years of the launch of the new service, it said.
PanAmSat is the world's largest communications satellite operator, providing global video and data broadcasting services via satellite.