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Article: News Corp. to Acquire Hughes Electronics
- Article from:
- AP Online
- Article date:
- April 10, 2003
- Author:
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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Dateline: LOS ANGELES
News Corp. agreed Wednesday to acquire control of Hughes Electronics
Corp. and its DirecTV service, the nation's largest satellite television
provider, in a $6.6 billion cash and stock deal.
The proposed deal would give News Corp. access to DirecTV's more than
11 million subscribers and conclude media titan Rupert Murdoch's three-
year effort to gain a U.S. outlet for his global satellite television
network.
News Corp. will acquire 34 percent of DirecTV parent Hughes Electronics,
a subsidiary of General Motors Corp., by purchasing 19.9 percent
of Hughes shares owned by GM. News Corp. also will offer to buy 14.1
percent of Hughes shares owned by ...