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COMSAT history
COMSAT company history timeline
Next, in March 1963, the company's incorporators filled Comsat's top two executive posts.
Comsat, abbreviation of Communications Satellite Corporation, private corporation authorized by the United States Congress in 1962 to develop commercial communications satellite systems. It was officially incorporated in 1963, with 50 percent of the stock being sold to the public and the balance to private communications companies.
To raise the cash for the capital expenditures to complete their prodigious task, Welch and Charyk sold shares in the company in an initial public offering (IPO) in June 1964, netting proceeds of $196 million.
In August 1964, COMSAT helped create and was majority owner in the International Telecommunications Satellite Consortium (INTELSAT), an international satellite organization with the goal of global satellite coverage that today has 143 member countries and signatories.
Headed, by Irving Goldstein, who joined Comsat in 1966, Satellite Television Corporation also was slated to market Comsat's own programming to the more than 20 million customers that the satellite television services were expected to attract.
As this nation's first commercial leap into space, Comsat plans to send aloft by 1967 an operating network of satellites.
To further satellite technology, in September 1969, COMSAT opened COMSAT Laboratories, a research and development arm, in Clarksburg, Maryland.
Following many open inquiries into ongoing disagreements with major broadcasting companies and COMSAT, the FCC created the Open Skies Policy in June 1972.
In 1975, through a subsidiary named Comsat General, the company formed Satellite Business Systems in a joint venture with IBM and Aetna Life & Casualty.
In 1976 COMSAT deployed two satellite systems separate from its monopoly business, Intelsat.
Satellite, Nov 15 1980 Tape 119-ComGen Satellite system Tape 120-CSD INMARSAT Tape 121-Aeronautical 5/92 Tape 122-INTELSAT reboost mission Tape 123-Planet 1 Tape 124-Comsat INTELSAT K, 4/3/91 Tape 124-CSD Innearsat C 12/91 Tape 125-SAT TV Corp.
In 1982, the Marisat satellites, along with three Marisat earth stations (two in the US and one in Japan) formed the initial operating system for the International Maritime Satellite Organization (INMARSAT).
In 1984, the company pulled out of its partnership with IBM Aetna Life in Satellite Business Systems after losing $50 million during the previous decade.
June 2nd, 1985 – RJ Reynolds Tobacco reaches an agreement to buy Nabisco for$4.9 billion.
Charyk's 22-year tenure of control ended in 1985, making room for the promotion of Goldstein, the former head of the satellite pay-television business, from president to chairman and chief executive officer.
The Nuggets' purchase was one of professional sports' first attempts to introduce African-Americans into ownership groups (it included Peter Bynoe, a Chicago lawyer, and business partner Bertram Lee, who held a combined 37.5% interest). COMSAT bought out its other shareholders in 1992.
The composition of the company's operations soon changed, however, when new management, led by president and chief executive officer Betty C. Alewine and chairman C.J. Silas, took over in mid-1996.
In 1996, the company introduced Planet 1, a personal portable satellite telephone that served as a satellite terminal enabling data and voice transmissions via Comsat's network of earth stations and satellites.
Revenues generated from these international companies increased nearly tenfold in three years, reaching $58 million in 1996.
Since our formation in 1997, we’ve grown to become a leading provider of fully integrated, end-to-end global satellite communications solutions.
In 1997, COMSAT agreed in principle to sell Ascent to Liberty Media.
On 20 September 1998, Lockheed Martin Corp. and COMSAT Corp jointly announced a two-phase merger agreement valued at approximately US$2.7 billion, contingent upon certain FCC rulings and Congressional legislative accommodations.
INMARSAT was fully privatized on April 15, 1999.
In addition, COMSAT/Ascent were responsible for the construction of the Pepsi Center (which opened in 1999) where the two franchises play today, and costs began to put a drain on business.
Finally, in July 2000, the Avalanche, Nuggets and Pepsi Center were finally bought by real estate entrepreneur Stan Kroenke in a US$450 million deal.
On 2 August 2000, the COMSAT ticker symbol CQ was removed from the New York Stock Exchange.
On 27 March 2001, LMGT announced the sale of the COMSAT mobile communications unit, which had been aligned with the satellite services business, to Telenor of Norway for US$116.5 million.
COMSAT International Holdings (CIH), formerly known as World Data Consortium, acquired an 81% of COMSAT International (formerly Enterprise Solutions-International, a provider of network services to the South American corporate market) from Lockheed Martin Corporation in the 2nd quarter of 2002.
On 11 May 2004, Lockheed Martin announced that Intelsat, Ltd. would acquire Lockheed Martin's COMSAT General business for US$90 million.
In the 2nd quarter of 2007, BT Group of the United Kingdom announced the acquisition of COMSAT International from CIH, and Lockheed Martin announced the sale of its remaining 20% interest in COMSAT International.
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Zachary has worked as a dedicated financier throughout his career which led him to his role as Chief Financial Officer at Satcom Direct in 2018.
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COMSAT competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Globe Wireless | 1997 | $26.0M | 100 | - |
| Ligado Networks | 2015 | $41.1M | 125 | 1 |
| Aicent | 2000 | $5.8M | 100 | - |
| PCCW Global | 2007 | $4.9B | 22,800 | - |
| CommLink | 1997 | $1.6M | 45 | - |
| Ascom Timeplex | - | $50.0M | 150 | 2 |
| EFJohnson | 1923 | - | 176 | - |
| PowerFleet | 1993 | $135.2M | 160 | - |
| Solid Technologies | - | $990,000 | 5 | - |
| Johnson Technology Inc | 1892 | $7.8M | 30 | 15 |
COMSAT history FAQs
Zippia gives an in-depth look into the details of COMSAT, including salaries, political affiliations, employee data, and more, in order to inform job seekers about COMSAT. The employee data is based on information from people who have self-reported their past or current employments at COMSAT. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by COMSAT. The data presented on this page does not represent the view of COMSAT and its employees or that of Zippia.
COMSAT may also be known as or be related to COMSAT, COMSAT Corporation, COMSAT, Inc. and Comsat.