This deal comes only three months after Astrolink was formed by its three founding partners: Lockheed Martin Global Telecommunications, a wholly owned subsidiary of Lockheed Martin Corporation: Telespazio, a company of the Telecom Italia Group; and TRW. The founding partners invested a total of US$900 million; today's agreement brings Astrolink's total equity to $1.325 billion -- substantially all of its equity target.

The transaction is subject to completion of definitive agreements, which the parties expect to execute within the next 30 days.

Giving effect to Liberty's investment, Astrolink's ownership will be as follows: Liberty Media 31.6 percent; Lockheed Martin Global Telecommunications 31.2 percent; Telespazio 18.6 percent; and TRW 18.6 percent.

"We are delighted to welcome Liberty Media as a new Astrolink shareholder," said Celso Azevedo, president and CEO of Astrolink. "The investment by Liberty Media represents a tremendous vote of confidence in our company's future and places Astrolink in a strong financial position."

"Liberty Media's lines of business bring tremendous strategic value to Astrolink's business, and will clearly help to propel us to the forefront of the global wireless services market," Azevedo added.

"Global demand for high speed information delivery is increasing at a record pace," said Gary S. Howard, Executive Vice President and COO of Liberty. "Astrolink provides a unique opportunity for Liberty to invest, with a strategic set of partners, in a global distribution network utilizing leading-edge technology to take advantage of this important trend that will shape the world economy in the new millennium."

Based in Bethesda, Maryland, Astrolink will build and operate a global telecom network based on next generation satellite technology. Astrolink will focus on the high-growth area of broadband data services, carrying traffic for Internet, intranet, multimedia, and corporate data networks.

Customers will be able to install small satellite dishes at businesses and homes, to connect quickly and inexpensively to high-speed networks. The service will be complementary and compatible with other broadband services like fiber optic transmission and fixed wireless technologies.

Astrolink's first geostationary, Ka-band satellite is scheduled for launch in 2002, followed by the launch of three additional satellites at six-month intervals. The first two satellites will provide broadband data communications services to customers in North and South America, Europe, and the Middle East. The third and fourth spacecraft will extend the network worldwide.

Liberty Media holds interests in a broad range of video programming, communications, technology, and Internet businesses in the United States, Europe, South America, and Asia.

Telespazio

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