MEXICO CITY — The largest entertainment consortium in the Spanish-speaking world, Televisa, closed the sale of its stake in satellite operator PanAmSat to Hughes Communications Friday.
The deal to merge PanAmSat with Hughes’ Galaxy Satellite Services was first announced in September 1996.
Televisa received $650 million for its 40.5% holding in PanAmSat, plus a 7.5% equity interest in the new company. Hughes now owns 70% of the new firm, with the rest held by PanAmSat founder, the Anselmo group, and public stockholders, company spokeswoman Maite Saralegui told Daily Variety.
PanAmSat’s president and CEO Frederick Landman has been kept on at the new firm, which is based in Greenwich, Conn.
The new PanAmSat Corp. begins trading on the Nasdaq market in the U.S. today.
With completion of the merger on Friday, PanAmSat has 14 satellites and will add another 7 by the end of 1998, Saralegui said. The company provides television broadcast, telecommunications and Internet and other data transmission services in the United States, Latin America, Africa, Europe and Asia.