Displaying items by tag: PanAmSat

The former PanAmSat Corporation founded in 1984 by Reynold (Rene) Anselmo, was a satellite service provider headquartered in Greenwich, Connecticut. It operated a fleet ofcommunications satellites used by the entertainment industry, news agencies, internet service providers, government agencies, and telecommunication companies. Anselmo got the idea for PanAmSat from Martine Rothblatt, an independent communications lawyer in Washington, D.C., to whom he had turned to for advice regarding difficulties he was encountering in getting reasonably priced satellite transmission of his UHF-TV based Spanish International Network (SIN), with studios on 42nd Street in New York City. Rothblatt had written a business plan entitled PanAmSat for her MBA thesis at UCLA's Graduate School of Management and was seeking a financial backer. Anselmo partnered with Rothblatt on the PanAmSat project, with Anselmo providing financing and Rothblatt filing for approval from the Federal Communications Commission and lining up an initial satellite from RCA Astro-Electronics and a heavily discounted launch from Arianespace.

PanAmSat effectively broke the monopoly on international satellite communications which was held by Intelsat, an international treaty-based organization founded and owned by several countries including the United States. PanAmSat, led by Anselmo, successfully lobbied the United States Congress to permit it to operate globally, competing against Intelsat. PanAmSat (and Anselmo) became famous for full-page advertisements in the Wall Street Journal depicting Spot, the PanAmSat mascot, urinating on politicians' legs. The company's motto was "Truth and Technology Will Triumph Over Bullshit and Bureaucracy."

Following the death of Rene Anselmo in 1995,^[1] his widow Mary Anselmo controlled the company for a time. PanAmSat was sold to Hughes Electronics, a division of General Motors, in a $3 billion cash and stock deal. The satellite operations continued to be under PanAmSat with Hughes being the majority shareholder. In May 1997, Hughes Communication Galaxy merged with PanAmSat, adding 9 more satellites to its fleet. In 2003, News Corporation purchased Hughes Electronic's PanAmSat division and on April 24, 2004 sold PanAmSat to a consortium ofprivate equity firms in an leveraged buyout including Kohlberg Kravis Roberts & Co. (KKR), Carlyle Group and Providence Equity Partners for $4.3 billion.