SkyREPORT.COM News Headlines
News Update For 3/07/00
Iridium Gets Interim Money
Iridium got $3 million from its lenders, giving the bankrupt sat-phone operator 11 more days to continue operations and find another backer after cellular phone pioneer Craig McCaw withdrew his support. The U.S. Bankruptcy Court in New York approved the interim financing plan on Monday. The court set a March 15 deadline for Iridium to find new backers or a purchaser. On Friday, McCaw and his Eagle River investment group abandoned its plan to salvage Iridium. Iridium filed for bankruptcy in August 1999.
BSkyB Chief Likes News Corp Sat Proposal
Tony Ball, chief executive of British Sky Broadcasting, called News Corp.'s rumored proposal to bundle its satellite holdings into one company "a great idea." "From BSkyB's point of view, we're 40 percent owned by a general media company, which is News Corporation," Ball told reporters outside the FT New Media and Broadcasting conference. "Would we be better off being 40 percent owned by a company that is in exactly the same business as BSkyB, one that is focused totally on satellite platforms? I have a feeling that's going to be an advantage to Sky." Ball also spoke about the upcoming bidding process for Premier League soccer matches. BSkyB has found a lot of its success with its exclusive coverage of top English soccer teams. Asked if he thought the Premier League will take separate bids for the online rights to matches, Ball said, "The only way of delivering broadband at the moment is television. There isn't wide broadband pipes available to all homes. "For example, you could go in and buy the broadband rights, but how would you exploit them? They're television rights." BSkyB's American Depositary Receipts shot up more than $14 Monday, closing at $197.88 on the New York Stock Exchange. During the day, BSkyB's ADR's were trading as high as $201.94. The rise couldn't be tied to Ball's comments. In the past few weeks, BSkyB shares have been on the climb. In January, BSkyB was around $107.
Boeing Eyes Additional GPS Work
An Air Force proposal to upgrade the U.S. military's satellite-based global positioning system could generate an additional $1 billion for the system's main contractor, Boeing, the Associated Press reported. Under a new plan proposed by the military, Boeing would build 12 new satellites and upgrade the GPS ground control network. Additional satellites would be placed in a bidding process. Boeing's original contract, won in 1996, called for the company to build six GPS satellites and build and operate a ground control system for $420 million.
TECH: HNS Partners With PBS Channel
- HNS Partners With PBS Channel - Hughes Network Systems is partnering with PBS The Business and Technology Network to provide broadband delivery of business and computer skills courses for small and home offices. Launch of the service is planned for the summer.
- Philips Gets GlobeCast - Philips will deliver a seven-channel MPEG-2/DVB Compression and Multiplexing system extended with the CleverCast Data Broadcasting/IP Hub to GlobeCast for its uplink facility in Miami, Fla. The equipment will allow for the expansion of GlobeCast's IP distribution capabilities with a high-speed multimedia delivery platform via satellite.
- Pace Licenses Web Technology - Pace Micro Technology is licensing its web technology to Alba plc. Pace's software and hardware incorporates a web browser, enabling consumers to switch easily between new and traditional television based content.