FCC to Vote on Lockheed-Comsat Deal

Lockheed Martin Corp.’s bid to purchase Comsat Corp. could move a step forward this week when the Federal Communications Commission considers part of the transaction. The FCC will vote on whether to allow Lockheed, the world’s largest defense contractor and a satellite maker, to receive a special classification that would enable it to buy 49% of Comsat, a satellite company created by Congress in 1962. Comsat was granted sole authority to sell the satellite services of Intelsat, a global inter-governmental satellite organization, in the U.S., and it therefore has special ownership restrictions. Without the FCC’s clearance, Lockheed can purchase only as much as 10% of Comsat. Bethesda, Md.-based Lockheed shares closed at $35.88, up 63 cents, Friday on the New York Stock Exchange.