Panamsat and Japan’s JSat Corp. formed a joint venture that will launch a new Ku-band satellite that will serve the U.S. market, Panamsat announced June 27.

The joint venture, dubbed Horizons-2, will provide digital video, high-definition television (HDTV) and Internet protocol (IP)-based services to broadband Internet and satellite newsgathering services.

Under the joint venture, Panamsat will provide infrastructure in the North American market, the orbital slot, sales and teleports. JSat will finance the satellite.

The formation of the venture will permit Panamsat to launch a new spacecraft with no capital outlays during the two-year construction period and to make its part of the $140 million investment on terms that are better than its current cost of financing, Panamsat said. The joint venture will compensate Panamsat for the use of the slot, sales made by Panamsat and other services the company will provide with fees and increased shares of the revenues.

The new spacecraft, planned to enter service by late 2007, will be placed at 74 degreesWest, replacing SBS-6, Panamsat said. The company originally planned to provide services using other on-orbit spacecraft, but, “The stronger than expected market, coupled with growing demand from our existing customers, changed our minds,” Wright said.