Advertisement
YOU ARE HERE: LAT HomeCollections

BRIEFLY

Aerospace

September 20, 1996|Times Staff and Wire Reports

PanAmSat to Announce Hughes Pact: PanAmSat Corp. is expected to announce today that it will sell the company to General Motors Corp.'s Hughes Electronics Corp. of Los Angeles for $3 billion, a person familiar with the negotiations said. Hughes would control about 70% of a new satellite services company that it will form after buying Greenwich, Conn.-based PanAmSat, one of the world's biggest satellite-television companies, the Wall Street Journal reported Thursday. Shares of PanAmSat rose $1 to $27.75. Hughes' shares rose 75 cents to $57.75 on Nasdaq. Hughes is the No. 1 satellite maker in the United States.

Advertisement
Los Angeles Times Articles
|
|
|