John, after the close today, SKYC came out with this news regarding the appointment of a management team to its AMRC holding in AMRC. They also said the first satellite will be launched in 1999:
<<WASHINGTON, June 9 /PRNewswire/ -- American Mobile Radio Corporation (AMRC) today announced the formation of its core management team with the experience needed to usher in a new era of satellite radio service in the United States. AMRC, owned by American Mobile Satellite Corporation (Nasdaq:SKYC - news; AMSC) and WorldSpace, is building a nationwide entertainment and information satellite broadcast audio service.
''We are very pleased to announce Hugh Panero has been named AMRC's new President & CEO along with the several other outstanding executives that have come on board to help AMRC develop this unique satellite radio opportunity,'' said Gary Parsons, Chairman and Chief Executive Officer of American Mobile Satellite Corporation, who has served as AMRC's acting CEO. Mr. Parsons will serve as AMRC Chairman going forward.
The AMRC senior management team will consist of the following individuals:
Hugh Panero, AMRC President and Chief Executive Officer. Mr. Panero has over 16 years experience building and managing entertainment distribution services. Most recently, Mr. Panero served as President and CEO of Request TV, a national pay-per-view network owned by Liberty Media and Twentieth Century Fox. Prior to his leadership of Request TV, Mr. Panero spent ten years with Time Warner Cable where he was part of the team that built the cable systems serving parts of Queens and Brooklyn, New York. Mr. Panero held various positions including Vice President, Marketing.
Lon Levin, AMRC Senior Vice President, Business and Market Development. Mr. Levin is a founder of AMRC, and has been responsible for AMRC since its inception in 1992, serving as President in the start-up phase. Mr. Levin was a Vice President and founder of American Mobile Satellite Corporation, and previously was a partner in the telecommunications law firm of Gurman, Kurtis, Blask and Freedman. Mr. Levin has worked in the satellite industry for the past 17 years.
Lee Abrams, AMRC Senior Vice President, Content and Programming. Mr. Abrams is one of the preeminent radio consultant/programmers in the United States with more than 30 years experience in radio. He is credited with many innovations in radio programming including transforming FM radio by pioneering the album rock format in the early 1970s; urban, classic and smooth jazz radio in the 1980s, and active rock radio in the 1990s. He most recently has served as a consultant for ABC National Radio Networks, Capstar and Nationwide, among others.
Heinz Stubblefield, AMRC Senior Vice President and Chief Financial Officer. Previously, Mr. Stubblefield was Chief Financial Officer for WorldSpace. Before joining WorldSpace, Mr. Stubblefield was Corporate Controller for NEXT Software Corporation, and spent several years as divisional CFO for Raychem, Inc.'s German offices.
Joe Dorton, AMRC Vice President, Advertising Sales. Mr. Dorton is a radio broadcasting veteran with over 30 years experience. Mr. Dorton served ten years and seven years, respectively, as President of various divisions of Bonneville International Group and Gannett Co. In these capacities, he managed over 45 different major market radio stations. Mr. Dorton also served as President and CEO, as well as co-owner of a nine station radio group.
Robert Acker, AMRC Vice President, Marketing. Prior to this appointment, Mr. Acker served as Director of Strategic Planning at WorldSpace Corporation, where his responsibilities included business development of AMRC. Mr. Acker previously held Vice President and General Manager positions at two high technology start-up companies, and spent seven years in satellite systems engineering at Hughes Electronics.
Kelly Baker, AMRC Director of Planning. Mr. Baker served as WorldSpace Director of Planning with responsibility for investment analysis and financial and strategic planning for various projects including AMRC. Mr. Baker has over 12 years of finance, business development, and operations experience primarily in the telecommunications industry with companies such as Sprint International and Concert.
Headquartered in Washington, D.C., AMRC will provide a multi-channel, nationwide audio service with high-quality digital sound and an unprecidented variety of programming. AMRC was granted a satellite DARS (digital audio radio service) license by the Federal Communications Commission in October 1997. In March 1998, AMRC awarded a contract to Hughes Space and Communications International to build two HS 702 geostationary satellites, with payloads provided by Alcatel Espace. AMRC plans to launch its first satellite in late 1999 and to begin service throughout the United States in 2000.
American Mobile Satellite Corporation owns and operates an integrated terrestrial/satellite network and provides a wide range of mobile communication services in the United States, Puerto Rico, and the Virgin Islands. WorldSpace was founded in 1990 to provide direct satellite delivery of digital audio communications services to the emerging and underserved markets of the world.
SOURCE: American Mobile Radio Corporation>>
This announcment marks a significant milestone. As more and more news comes out regarding AMRC (of which SKYC will own 28% after WorldSpace exercies its options), SKYC could move up nicely- if not for other good reasons like the ACTEL deal, ARDIS backlog, etc.
I'm glad I recently increased my position :o)
SKYC: $11.63b $11.88a
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