Liberty Media Group has signed a letter of intent to invest $425 million in the Lockheed Martin-backed Astrolink broadband satellite project. Astrolink was formed as a joint venture between Lockheed Martin Global Telecomm-unications, Telespazio and TRW with an initial investment of $900 million. The latest commitment should take the project over its target for equity investment. Liberty’s investment will make it the largest single shareholder in the project, with a 31.6 per cent stake. Lockheed Martin Global Telecommunications will hold 31.2 per cent, Telespazio 18.6 per cent and TRW 18.6 per cent. Gary Howard, executive vice-president and chief operating officer of Liberty, said in a statement that the investment provided "a unique opportunity for Liberty to invest, with a strategic set of partners, in a global distribution network utilising leading-edge technology to take advantage of this important trend that will shape the world economy in the new millennium". Astrolink is scheduled to begin offering services in 2003.
