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Article: HBCO to Launch Communications Satellite
- Article from:
- PR Newswire
- Article date:
- November 20, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK, Nov. 20 /PRNewswire/ -- Hungarian Broadcasting Corp. (Nasdaq: HBCO) announced through its Chairman, Peter E. Klenner, that it has signed a letter of intent with Magyarsat Kft. to form a joint venture to launch a communications satellite serving the Central and Eastern European region.
Magyarsat is a 50:50 joint venture between state-owned Antenna Hungaria Rt. and Israel Aircraft Industries Ltd., Israel's state-owned aerospace corporation.
It is planned that the joint venture will be owned 69% by Hungarian Broadcasting Corp. and 3l% by Magyarsat. This joint venture company will be capitalized with approximately $150 million, including ...