Printer Friendly

TELEVISA TO INVEST IN PANAMSAT

 GREENWICH, Conn., Dec. 18 /PRNewswire/ -- PanAmSat, L.P. today announced that Televisa S.A., the largest media company in Mexico, will invest $200 million dollars in PanAmSat, the world's first private global satellite system. The transaction is subject to regulatory approval.
 Televisa's investment in PanAmSat, along with internal cash flow and other financing will ensure the expansion of the PanAmSat system from a single satellite into a global system comprised of four satellites. The PanAmSat system was designed as an alternative to the existing international cartel, Intelsat, and will be available to users worldwide who can benefit from a free enterprise system. PanAmSat will launch the first of its new satellite for coverage over the Asia-Pacific region in April 1994. Subsequent launches will follow in the first and second quarters of 1995.
 "Televisa's unique global perspective is consistent with our plans for global expansion," said Fred Landman, president of PanAmSat. "As a leader in the international multi-media industry, Televisa appreciates the opportunities PanAmSat represents for providing innovative satellite services throughout the world."
 Televisa's investment will be in an aggregate amount of $200 million dollars for a 50 percent equity position in PanAmSat which will be converted from a sole proprietorship to a limited partnership. The original owner of PanAmSat, Mr. Rene Anselmo and family members, will own the remaining 50 percent. PanAmSat, Inc., the managing general partner, which is wholly-owned and controlled by Rene Anselmo, will have sole responsibility for the management and operations of The PanAmSat Global Satellite System.
 In November of 1991, PanAmSat signed a multi-million dollar agreement with Hughes Communications, Inc. for the procurement of three custom built state-of-the-art HS 601 series satellites. A launch agreement with Arianespace followed in June of 1992. The new satellites, along with PanAmSat's existing PAS-1 satellite, will provide comprehensive global coverage over the Atlantic, Pacific, and Indian Ocean Regions.
 PanAmSat became the world's first private satellite system with the launch of PAS-1 in 1988. PanAmSat currently provides a wide range of specialized satellite services via PAS-1 to over 70 countries in the Western Hemisphere and Europe.
 -0- 12/18/92
 /CONTACT: Elizabeth Dickins of PanAmSat, 203-622-6664/


CO: PanAmSat, L.P., Televisa S.A. ST: Connecticut IN: TLS SU:

WB-AH -- NY088 -- 0019 12/18/92 14:38 PST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 18, 1992
Words:376
Previous Article:DARTMOUTH COLLEGE YIELDS TO PRESSURE FROM HYDRO-QUEBEC'S OPPONENTS; WHERE A CAMPAIGN OF DIS-INFORMATION CAN LEAD
Next Article:HERITAGE FINANCIAL SERVICES COMPLETES ACQUISITIONS
Topics:


Related Articles
PANAMSAT SET TO LAUNCH GLOBAL SYSTEMWITH CLOSE TO US $1 BILLION IN PRE-LAUNCH AGREEMENTS
TELE-COMMUNICATIONS INTERNATIONAL, INC.
COMSAT FILES LAWSUIT AGAINST NEWS CORPORATION, PANAMSAT AND TELEVISA
Grupo Televisa Updates Investors on 1997 French Plan
Grupo Televisa Signs Agreement With Telefonica De Espana to Launch Digital Television in Spain
Grupo Televisa and Lockheed Martin Telecommunications to Form a Strategic Alliance for Advanced Technology Entertainment
Grupo Televisa Receives $650 Million in Cash and 7.5% Equity Interest in the New PanAmSat Corporation
Guillermo Canedo White Resigns from Grupo Televisa
Grupo Televisa, S.A. Announces Sale of Univision Class A Shares.
PanAmSat and ESPN Team Again for Delivery of World's Leading Sports Network To Europe, Africa and Middle East.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters