AT&T; Completes Sale of Satellite Service

AT&T; Corp. said it completed the sale of its Skynet Satellite Services business to New York-based Loral Space & Communications Ltd. for $478.1 million, as Loral tries to create a global satellite communications company. Basking Ridge, N.J.-based AT&T; said in September that it would sell the business to Loral for $712.5 million. It lowered the price after encountering problems with its Telstar 401, one of the satellites in the four-satellite system. Loral shares rose 37.5 cents to close at $15.75, and AT&T; shares fell 25 cents to close at $35.625. Both trade on the NYSE.