Satellite News: Would you still be in the market for further acquisitions?
Goldberg: There has been a trend towards consolidation over the past five-to-seven years. While there has been a lot of consolidation, it is not my expectation that it is going to stop with the passage of 2007. There are smaller operators out there. The industrial logic behind consolidation in our industry is very powerful. Operators do significantly benefit from economies of scale, and I do believe it is harder for the smaller satellite operators — operators with one or two, even three satellites — to compete effectively against the larger operators. We will be focused on the consolidation opportunities that remain out there. We are looking to participate in a fairly opportunistic way and certainly look to participate in a way that adds value to our shareholders.
Satellite News: How is integration proceeding?
Goldberg: It took us about ten-and-a-half months to get all the regulatory approvals that we needed and to close the deal. We had a significant amount of time to plan the integration between Skynet and Telesat. We had the opportunity to develop, what I think, is a very robust integration plan, which is exactly what we did. When the transaction closed at the end of October, we were able to hit the ground running. The good thing about the Telesat business and the Skynet business is that these are complementary businesses. People always say this when two companies merge, but it is more true in some instances than in others, and it is absolutely true with respect to our merger. Any informed observer in our industry can see how complementary these businesses are, and by that I mean how little overlap there is between the Telesat and Skynet fleets. Telesat's emphasis has always been on North America, principally the U.S. and Canada and providing some services to Latin America as well. Skynet sold its North American assets to Intelsat back in March 2004 and the remaining fleet consists principally of four satellites serving international markets, including certain coverage of North America. Bringing the complementary Telesat and Skynet fleets together has allowed us to create a more diversified and global fleet. What that means from an integration perspective is that our focus was really bringing together our engineering and operations activities, so effectively moving those things up to Canada and integrating them into the operations that Telesat had, integrating more of the back office corporate activities, so things like finance, product development, and [human resources], but from a sales perspective, the two sales organizations were pretty much left intact. They are selling assets that are not overlapping.