Intelsat Soars as Proposal for New Airwaves Uses Progresses

Satellite operators Intelsat SA and SES SA beam video programming from space down to TV stations and cable systems across the U.S. Now they want to let Earth-bound wireless companies hitch a ride on some of their airwaves. If regulators go along with the plan, the Luxembourg-based companies could reap billions of dollars in fees from mobile providers such as AT&T Inc. or Verizon Communications Inc., which are constantly seeking frequencies to serve the burgeoning demand of wireless devices. Since the companies announced their joint proposal Feb. 9, Intelsat bonds have risen and its shares soared almost 600 percent, as investors anticipate an opportunity to reduce the company’s crushing $14.2 billion in debt.