COMSAT SPINS OFF ENTERTAINMENT ASSETS, INCLUDING TEAMS

     Comsat Corp. said yesterday it is "spinning off" part of
Comsat Entertainment Group, owner of the Nuggets and Avalanche,
through an $80M common stock offering, according to his morning's
DENVER POST.  The money raised would be used to help finance a
new $150M arena in Denver.  Comsat Corp. will retain ownership of
80% of Comsat Entertainment.  Comsat officials declined to
comment further.  Comsat Dir of Communications Paul Jacobson,
citing SEC regulations:  "We have to go through a quiet period
right now.  I can't tell you the name of the new company.  I
can't say anything" (Chance Conner, DENVER POST, 10/24).  Comsat
reported a third quarter loss of $15.6M (33 cents per share)
yesterday on revenues of $203.9M, up from $200.8M in the same
period in '94.  The company had taken charges against the quarter
during their recent reorganization.  Comsat noted that revenues
from the Denver teams "improved" when compared to last year, but
did not elaborate (Comsat Corp.).