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May 19--When Hughes Communications merged its satellite operations with PanAmSat on Friday, creating the world's second largest satellite services company, it seemed to be a marriage of opposites.
The merger joined a brash upstart that has declared war on bureaucracy and whose company mascot is a dog named Spot with the more established, button-down Hughes.
The deal gives Hughes Electronics, Hughes Communication's parent, a 71.5 percent stake in the new PanAmSat in a transaction valued at $3 billion. The other 28.5 interest is held by Mexico's Grupo Televisa, the estate of the late Rene Anselmo -- PanAmSat's founder -- and public stockholders.
Despite the differences in corporate style, executives say the wedding of the two companies makes perfect business sense.
Hughes and its Galaxy fleet of satellites provide video, phone and data communications throughout the United States, and PanAmSat is the world's first private sector company to provide global satellite services.
In South Florida, this powerful partnership could help spur Miami's development as a Latin American TV production and distribution center, as PanAmSat, which operates a teleport in Homestead and a sales office in Coral Gables, has been a pioneer in providing service to the Americas and will continue to develop satellite …