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March 25, 1997updated 05 Sep 2016 1:07pm

COMSAT PLANS TO CUT BACK TO ITS CORE BUSINESSES

By CBR Staff Writer

Comsat Corp, the former Communications Satellite Corp, has been going rather crazy with some of its acquisitions, diversifying into things such as sports teams, but that has been at the expense of a ballooning of its debt and a loss of focus. Now the Bethesda, Maryland company has decided to reduce itself back to its core satellite and network services businesses. It says its niche in digital networking is in the development and operation of networks in emerging markets and in provision of specialized services to customers with global requirements, such as the US government. It repeated its commitment to divest its 80.67% stake in Ascent Entertainment Group Inc by spinning it off to its shareholders, and also intends to sell substantially all the assets and operations of its Comsat RSI Inc wholly-owned designer, manufacturer and integrator of earth stations and wireless and advanced antenna systems. It will also finance part of its long-term debt with the proceeds of short-term debt financing.

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