June 15, 1988: PanAmSat successfully launched PAS 1 into orbit, completing one of the most amazing business exploits in satellite history. Founded by Rene Anselmo, PanAmSat applied for FCC permission to launch a private satellite in 1984, at a time when Intelsat was the monopoly international service provider. Permission was granted only a year later. Anselmo bought a satellite for $48 million from RCA Astro, 60% of its original price, after another customer cancelled. He contracted for the maiden launch of Ariane 4 and insured the satellite for only half its value. By the time of the launch, PanAmSat had negotiated landing rights with only 7 countries and had no customers. But Anselmo’s many gambles succeeded and, by 1991, PAS-1 was nearly at full capacity, By 1993, the company had $17 million in profits on $50 million in sales

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