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PanAmSat Corp. Chairman Jack Shaw and its President and CEO Joseph Wright discussed the successful turnaround of the company at its annual shareholders' meeting held last week.

As part of its turnaround program, PanAmSat first reoriented its services to its core video customers who account for almost 70 percent of its business. During the past 18 months, PanAmSat also signed major agreements to provide domestic satellite services to HBO, TBS and Warner Bros. through 2015 and to Viacom's Showtime and Black Entertainment Television through 2017

Another important element of the turnaround involved the restructuring of its financial program. "Over the past nine months, we have taken tough but decisive steps that have already generated strong results," said Wright. "We reduced our planned capital expenditures by more than 50 percent - almost $1 billion - over the next four years."

While the financial turnaround was in progress, the company also completed a strengthening of its global satellite network and terrestrial support. With the launch of the Galaxy IIIC satellite in June, PanAmSat will complete a $2 billion, 30-month fleet modernization program.

In addition, during 2001, PanAmSat opened a new customer service center in Atlanta and realigned its engineering team to be focused on 24/7 service for customers.

From SkyReport (Used with Permission)
 
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