BETHESDA, Md.-Comsat Corp. said it plans to invest $50 million to develop a laptop-sized mobile terminal that will serve as a bridge between today’s briefcase-sized digital terminal and a global, handheld unit expected within the next decade.
Comsat outlined three strategic investments for the future, warning the investments and long-term growth opportunities will result in earnings growth of less than 10 percent next year.
“Our ambitious growth plan will affect profitability in the short term, but it is designed to deliver long-term growth and dramatically increase shareholder value,” said Bruce Crockett, Comsat president and chief executive officer.
Along with the “mini-M” laptop terminal and service, the company also plans to pay up to 15 percent of the total estimated $1.5 billion to develop Inmarsat-P global handheld satellite service. Comsat is the largest member of the International Maritime Satellite Organization, which plans to implement global handheld satellite service.
The company will invest up to $200 million in international ventures in 1995, concentrating on Asia and Europe and expanding in Latin America, Comsat noted.
Comsat wants to build a 19,000-seat sports and entertainment arena in Denver for the Denver Nuggets basketball team and a possible hockey franchise. The company also is acquiring Beacon Communications, a Los Angeles-based film and television production company.