Yesterday Loral Corp gave its Space businesses a big boost by signing definitive agreement to to buy AT&T Corp’s SkyNet Satellite Services for $712.5m cash. Although Loral sold its weapons and systems integration businesses to Lockheed Martin Corp for $9.1bn earlier this year, its story is far from over. Its ambitions are all up in the stratosphere these days, because the New York company hung onto its Loral Space satellite operating and Space Systems Loral building businesses. It is one of the companies promoting a global satellite cellular telephone network with its $2.1bn GlobalStar plans. SkyNet, based in Bedminster, New Jersey employs 120 people and is the third-largest US provider of satellite distribution for news, entertainment and educational material from its four broadcasting satellites.
