In early 1971, MCI and Lockheed Missiles and Space Company created a joint venture which was the first company to request FCC authorization as a Specialized Common Carrier using satellite-based communications; satellite service would save the company from building thousands of miles of terrestrial network facilities. A year later, Comsat Corp. entered the venture which was renamed CML Satellite Corp. In need of cash, MCI sold its share of the venture to IBM in 1974. Lockheed also subsequently sold its share to IBM. IBM and Comsat brought in Aetna as a third partner and renamed the company Satellite Business Systems (SBS). IBM later acquired the remainder of the company and sold it back to MCI in March 1986 for $376 million in MCI stock.