Report: News Corp. acquisition of Hughes imminent
News Corp. is reportedly on the verge of acquiring a controlling interest in Hughes Electronics, the operator of DirecTV.
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According to reports, News Corp. is offering $6.6 billion in stock and cash for a 35% stake in Hughes, and the board of General Motors, Hughes parent company, is set to approve the deal.
If the acquisition goes through it would bring to an end a complicated period in the development of the satellite television industry.
In Oct. 2001, News Corp. was beaten in a bidding war for Hughes by Echostar Communications. After months of lobbying on both sides of the issue, that deal was cancelled in the face of near-certain regulatory defeat. Shortly afterwards, Hughes put itself on the block and entered preliminary discussions with a handful of potential bidders.
--Toby Weber, staff writer
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© 2010 Penton Media Inc.
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