Loral Picks CEO
Michael Targoff, vice chairman of the board of satellite company Loral Space & Communications, has been elected CEO, effective March 1.
He succeeds Bernard Schwartz, who is retiring as chairman and CEO.
Mark Rachevsky, president of MHR Fund Management LLC, will become non-executive chairman.
Loral Space & Communications last fall "successfully emerged" from bankruptcy with $180 million in cash and $126 million in debt.
Loral filed for chapter 11 in July 2003 and sold its North American business--five satellites--to Intelsat in March 2004 for something just north of $1 billion. That business included big-time clients CBS and Fox.
The company still has four satellites, two in Asia that service HBO Asia, Sony Entertainment and Disney, among others; one in Brazil that supplies Internet-to-aircraft service; and one that reaches Iraq and is used by numerous news organizations.
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Contributing editor John Eggerton has been an editor and/or writer on media regulation, legislation and policy for over four decades, including covering the FCC, FTC, Congress, the major media trade associations, and the federal courts. In addition to Multichannel News and Broadcasting + Cable, his work has appeared in Radio World, TV Technology, TV Fax, This Week in Consumer Electronics, Variety and the Encyclopedia Britannica.