Exhibit 10.15.7


                     Confidential - Arianespace Proprietary


"This  Amendment #4 to the Launch  Services  Agreement  95.5.933 is entered into
between:


ARIANESPACE  S.A., a company  organized  under the laws of France and having its
principal office at Boulevard de l'Europe, 91006 EVRY, France.


AND


PanAmSat Corporation a company organized under the laws of the State of Delaware
with principal  offices located at One Pickwick Plaza,  Greenwich,  Connecticut,
U.S.A. (hereinafter referred to as "PanAmSat Corporation")

and

PanAmSat  International  a  company  organized  under  the laws of the  State of
Delaware  with  principal  offices  located at One  Pickwick  Plaza,  Greenwich,
Connecticut, U.S.A. (hereinafter referred to as "PanAmSat International")


Reference is made to the Launch Services  Agreement  95.5.933  executed  between
PanAmSat  Corporation  and ARIANESPACE on December 20, 1995 for the Launch of up
to four  PanAmSat  Satellites  as  amended  (said  agreement  being  hereinafter
referred to as the "Agreement").


The Parties hereby amend the Agreement as follows:




ARTICLE 1
CONDITIONS APPLICABLE TO FIRM LAUNCH #1


A) The Parties hereby define by mutual  agreement the Redefined  Launch Slot for
Firm Launch #1 as follows:

From 1 October 1998 up to and including 31 October 1998

B)  Notwithstanding  the terms of the  Agreement,  until 1 April 1998,  PanAmSat
shall have the option to increase the mass of the Satellite of Firm Launch #1 to
3800 kg  (without  adaptor).  The  price  for  this  increase  in mass  shall be
[************] which,  


[***]  Filed  separately  with  the  Commission   pursuant  to  a  request  for
       confidential treatment.


                                       1


<PAGE>


notwithstanding  the provisions of Paragraph 10.3.1. of the Agreement,  shall be
paid no later than 15 April 1998. For greater certainty,  it is hereby specified
that his price  shall not be  subject  to the price  reduction  under  Paragraph
8.1.1.D) of the MLSA.

Provided that the Launch takes place no later than 1 April1999, this Launch will
be  performed  by way of a dedicated  Ariane 44LP  Launch  Vehicle and  PanAmSat
International  shall be entitled to exercise its rights under Paragraph 8.1.3.A)
iii) of the Agreement. If the Launch takes place after said date ARIANESPACE and
PanAmSat International shall discuss in good faith if this mass increase will be
maintained  taking  into  consideration  their  respective   interests  and  the
corresponding  price  adjustment  provided  that  if  ARIANESPACE   allocates  a
dedicated Ariane 4 Launch Vehicle, PanAmSat International shall also be entitled
to exercise its rights under Paragraph 8.1.3.A) iii) of the Agreement.



ARTICLE 2
FIRM LAUNCH #3


A) A Firm Launch #3 is hereby added to the  Agreement  for the PAS 6B Satellite.
Using the  priority  allocation  for a  Replacement  Launch  Slot for PAS 6, the
Launch Slot allocated to this Launch will be:


from 1 October 1998 up to and including 31 October 1998.


Optional Launches #1 and #2 will remain available to Customer.


B) The Launch Services Price for this Firm Launch #3 under  Paragraph  8.1.1. of
the Agreement  shall be a price of [********************************************
**********************] for a mass of 3475 kg.


This Launch Services Price shall be paid by Customer as follows:


                  - 15 March 1998*          [************]
                  - 1 August 1998           [*****************]


*    This amount shall have been received by ARIANESPACE on 15 March 1998 or ten
     days after execution of the present  amendment to the Agreement,  whichever
     is the latest  notwithstanding  the provisions of Paragraph  10.3.1. of the
     Agreement.

**   At the date of  execution  of this  amendment,  the price  reduction  under
     Paragraph  8.1.1.D) of the Agreement  equals  [**********].  The applicable
     price reduction shall be deducted from this payment.


[***]  Filed  separately  with  the  Commission   pursuant  to  a  request  for
       confidential treatment.


                                       2


<PAGE>


ARTICLE 3
PRICE REDUCTIONS UNDER PARAGRAPH 8.1.1.D) OF THE AGREEMENT



Paragraph 8.1.1.D) of the Agreement is hereby replaced by the following:


     D) The Launch Services Prices stated under  Paragraphs A), B), and C) under
     Subparagraph 13.2.2.  hereafter above shall be subject to a price reduction
     as follows:


     i)   For Firm Launch #1:


          [***********************************************]


     ii)  For Firm Launch #2:


          [***********************************************************]


     iii) For Firm Launch #3


          [************************************************************]


     iv) For Optional Launch #1:


          a) if the Launch Option is exercised on or prior to 1 March 1999:


          [**] of the Launch  Services Price under  Subparagraph  8.1.1.C) i) or
          ii) (as  increased for the initial  Launch  Period of Optional  Launch
          #1), as applicable, or


          b) if the Launch Option is exercised after 1 March 1999:


          [**] of the Launch  Services Price under  Subparagraph  8.1.1.C) i) or
          ii) (as  increased for the initial  Launch  Period of Optional  Launch
          #1), as applicable.


          v) For Optional Launch #2:


          a) if Optional  Launch #1 has been  exercised or a Replacement  Launch
          has been ordered on or prior to 1 March 1999,  at the date of exercise
          of Optional Launch #2 and provided  Optional Launch is exercised on or
          prior to 1 March 2000:


          the  percentage  applicable to Optional  Launch #1 under  Subparagraph
          iii) above or, if applicable,  to the  Replacement  Launch,  plus [**]
          times the Launch Services


[***]  Filed  separately  with  the  Commission   pursuant  to  a  request  for
       confidential treatment.


                                       3


<PAGE>


          Price under Subparagraph 8.1.1.C) i) or ii) as applicable (as
          increased for the initial Launch Period of Optional Launch #2), or


          b) in all other cases:


          [**] of the Launch  Services Price under  Subparagraph  8.1.1.C) i) or
          ii) (as  applicable  and as increased for the initial Launch Period of
          Optional Launch #2).


     vi) For Replacement Launches ordered under this Agreement:


         Provided  that the  Replacement  Launch  is  ordered  no later  than 31
         December  2001,  the  percentage  applicable to the last Launch ordered
         under this Agreement (including  Replacement  Launches) plus [**] times
         the applicable  Launch Services Price under Article 13.  Further,  if a
         Replacement  Launch is ordered on or prior to 1 March 1999, any further
         option(s)  exercised  hereunder  shall be subject to a price  reduction
         determined under Subparagraph 8.1.1.D)iv) above.


         The price  reduction as calculated  under this  Sub-paragraph  8.1.1.D)
         shall be deducted  from the payment due at L-9 months and, if the price
         reduction  exceeds this payment,  the excess price  reduction  shall be
         deducted  equally  from the  payments  at L-8 months and at L-10 months
         under Paragraph 10.1.1. A), B) or C) as applicable. Notwithstanding the
         foregoing,  for Firm Launch #3, the price  reduction  shall be deducted
         from the payment due on 1 August 1998.


         Furthermore,  notwithstanding  the  foregoing,  in the  event a  Launch
         ordered under this Agreement is terminated,  the Price Reduction of the
         other Launches  ordered shall be recalculated to take into account such
         termination  by deducting  two percent from all Launches  ordered after
         the date of order of the Launch terminated.


         Notwithstanding   the  foregoing,   the  price   reduction  under  this
         Sub-paragraph  8.1.1.D) may not in any case exceed [**] of the relevant
         Launch  Services Price under Paragraph  10.1.1A),  B) or C) or for Firm
         Launch #3 under the  provisions of Article 2 of this  Amendment for any
         Launch under this Agreement



ARTICLE 4
PRICE ESCALATION FORMULA


The  Parties  agree to discuss in good  faith no later  than three  weeks  after
execution of this Amendment the precise index to be applied for the  application
of Index 0 under Paragraphs 9.1.A) and B) of the Agreement.


[***]  Filed  separately  with  the  Commission   pursuant  to  a  request  for
       confidential treatment.


                                       4


<PAGE>


ARTICLE 5


Paragraph 20.5 of the Agreement shall be replaced by the following:


20.5. Assignment


      Customer  shall not be  entitled  to assign  all or part of its rights and
      obligations  under this  Agreement  without the prior  written  consent of
      ARIANESPACE  which  shall not be  unreasonably  withheld,  conditioned  or
      delayed. Notwithstanding the foregoing, ARIANESPACE's consent shall not be
      required for any assignment of this Agreement by Customer to a reorganized
      entity  (which  may  include   additional   investors)  to  which  all  or
      substantially  all of  the  assets  of the  Customer  are  also  assigned.
      Customer shall promptly notify ARIANESPACE of any such assignment.
     

      In addition,  launch rights and corresponding obligations may be purchased
      hereunder by Customer's subsidiary,  PanAmSat International  (formerly the
      "Customer" hereunder) for its own account.


      Such  purchase  shall be  treated  the same  way as  Customer's  purchases
      hereunder,  counting both toward the number of available options hereunder
      and for multilaunch purposes discounts, the only difference being that the
      rights to particular Launches purchased by PanAmSat  International and all
      obligations under this Agreement  pertaining to such Launches shall reside
      solely with PanAmSat International.


      With respect to the  foregoing it is agreed that  "Customer's"  rights and
      obligations to "Firm Launches #1 and #3" belong to PanAmSat  International
      and the rights and obligations to Firm Launch #2 remain with Customer.


                                       5


<PAGE>


ARTICLE 6


This Amendment #4  constitutes an amendment to the Agreement  within the meaning
of its Paragraph 20.6.


Executed this  9th  day of March 1998




For ARIANESPACE                                For PanAmSat Corporation:

By:                                            By:

Title:                                         Title:




For PanAmSat International

By:

Title:


                                       6