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. Last Updated: 07/27/2016

Lockheed Deal Progress

WASHINGTON -- Lockheed Martin Corp.'s attempt to buy its Bethesda, Maryland neighbor Comsat Corp. won a key round Wednesday when the Federal Communications Commission voted to approve the first step in the aerospace giant's $2.7 billion offer for the satellite services company.

Lockheed, the United States' largest defense contractor, proposed buying 49 percent of Comsat a year ago, conditional on the FCC's allowing Lockheed's telecommunications subsidiary to be an authorized carrier under federal law. The FCC granted that approval and also approved a plan to end Comsat's monopoly on access to the Intelsat global satellite system.