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To: Bella who wrote (564)	5/7/1999 11:29:00 AM
From: Don Hand	Read Replies (1) \| Respond to of 663

Off Topic: industry related. Internet services via sky Friday May 7, 5:33 am Eastern Time Lockheeddeal part of wider strategy - WSJ NEW YORK, May 7 (Reuters) - Lockheed Martin Corp.'s (LMT - news) plans to build a satellite system, announced on Thursday, fit into a larger strategy aimed at revitalising the struggling defence contractor, the Wall Street Journal reported on Friday. The newspaper, quoting Lockheed executives, said the idea was to stockpile assets into Lockheed's telecommunications unit and eventually split off part of it. Lockheed's new unit, Lockheed Martin Global Telecommunications, and two partners announced on Thursday that they would develop a $3.6 billion satellite venture designed to supply broadband services to Internet companies. TRW Inc (TRW - news) and a unit of Telecom Italia will kick in $250 million each to the project, known as Astrolink LLC. The Journal reported that Lockheed would eventually spin off a portion of the subsidiary through an initial public offering by 2001, according to John Montague, the subsidiary's chief financial officer. Lockheed created the unit last summer. Since then, the subsidiary has grabbed headlines primarily due to its $2.7 billion bid for Comsat Corp. (CQ - news). The deal must clear several regulatory hurdles if it is to close by the end of this year, the newspaper said.