Aug 8 1985
From The Space Library
The Washington Post reported that Fairchild Industries would sell its 50% interest in American Satellite Co. and Space Communications Co. for $105 million to Continental Telecom Inc., which owned the other half of the two joint ventures. Observers considered the two satellite communications subsidiaries Fairchild's leading growth opportunities.
American Satellite of Rockville (Amsat) provided private and general satellite communications services. It transmitted regional editions of The Wall Street Journal, The New York Times, and other newspapers and had won a large number of government contracts.
Space Communications of Gaithersburg (Spacecom) owned and operated the Tracking and Data Relay Satellite System for NASA, provided communications to the Space Shuttle, and was building a $122.8 million communications network for the Air Force.
Fairchild president Emanuel Ethenakis said the company decided to sell its interests in Amsat and Spacecom to consolidate its other businesses. “We are addressing the same market with more than one company,” he said. “The main reason is to consolidate our activities and address these markets with our wholly owned subsidiaries.” Analysts said the move showed Fairchild was unwilling or unable because of troubles in its other operations to invest the large amounts of capital required to continue to expand the two companies. (W Post, Aug 9/85, B1)
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