Industry Canada Approves Sale of Telesat to Loral/PSP Partnership

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Industry Canada, the telecommunications regulator in Canada, has approved the acquisition of Telesat Canada by Loral Space and Communications and a Canadian partner, the Public Sector Pension Investment Board (PSP Investments). Telesat owns eight satellites bearing the names Anik and Nimiq. It launched its first satellite, Anik A1, in 1972. Loral, through its Loral Space Systems division, builds satellites. Its Loral Skynet division operates a fleet of telecommunications satellites, including the “Telstar” satellites.

Michael Targoff, CEO of Loral Space and Communications, said, “We are very pleased that Industry Canada has approved the application. FCC approval, the last regulatory approval required for the transaction, is expected shortly. Completion of financing is being coordinated for a late October closing of the Telesat transaction, including the Loral Skynet business contribution.”

Doug Lung
Doug Lung
Contributor

Doug Lung is one of America's foremost authorities on broadcast RF technology. As vice president of Broadcast Technology for NBCUniversal Local, H. Douglas Lung leads NBC and Telemundo-owned stations’ RF and transmission affairs, including microwave, radars, satellite uplinks, and FCC technical filings. Beginning his career in 1976 at KSCI in Los Angeles, Lung has nearly 50 years of experience in broadcast television engineering. Beginning in 1985, he led the engineering department for what was to become the Telemundo network and station group, assisting in the design, construction and installation of the company’s broadcast and cable facilities. Other projects include work on the launch of Hawaii’s first UHF TV station, the rollout and testing of the ATSC mobile-handheld standard, and software development related to the incentive auction TV spectrum repack. A longtime columnist for TV Technology, Doug is also a regular contributor to IEEE Broadcast Technology. He is the recipient of the 2023 NAB Television Engineering Award. He also received a Tech Leadership Award from TV Tech publisher Future plc in 2021 and is a member of the IEEE Broadcast Technology Society and the Society of Broadcast Engineers.