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Article: NEWS CORP COMPLETES ACQUISITION OF HUGHES ELECTRONICS.
- Article from:
- AsiaPulse News
- Article date:
- December 23, 2003
CopyrightCOPYRIGHT 2003 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SYDNEY, Dec 23 Asia Pulse - Rupert Murdoch's News Corp Ltd (ASX:NCP) has wrapped up its US$6.6 billion acquisition of a controlling stake in Hughes Electronics, gaining control of America's biggest satellite TV group DirecTV.
News Corp said Hughes Electronics had been spun off from its former owner, General Motors Corp, with News Corp buying a 34 per cent stake in DirecTV's owner.
GM sold its 19.8 per cent stake in Hughes to News Corp in exchange for cash and News Corp preferred American depositary shares (ADRs).
News Corp also acquired from GM an extra 14.2 per cent of the outstanding shares of Hughes common stock in exchange for News Corp ...