AT&T closed its sale of Skynet Satellite Services to Loral Space & Communications for $478.1 million.(Brief Article)

Broadcasting & Cable, March, 1997

AT&T closed its sale of Skynet Satellite Services to Loral Space & Communications for $478.1 million. The decrease from the original $712.5 million price tag reflects the in-orbit loss of Telstar 401, which stopped communicating with AT&T ground personnel in January. AT&T says it will be collecting an additional $132 million in insurance proceeds from the loss of Telstar 401.