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Rumors Of General Motors Buyout To Obtain DirecTV Assets
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Rumors surfaced that Rupert Murdoch's News Corp. and
AT&T's Liberty Media might bid for General Motors (GM) to
capture its DirecTV satellite service. Investors have long been
pushing for General Motors to sell or spin off its high-tech DirecTV
division into an independent company, but the company has
consistently refused, seeing 'synergies' between the auto business
and the telecommunications division.
The companies quickly denied the story. News Corp. issued a
statement, "reports that News Corporation has engaged in
talks with General Motors, investment bankers and other third
parties regarding a potential acquisition of General Motors is
entirely false and without merit." General Motors denied
comment. However, Hughes' tracking stock went up 13 percent
anyway, and the GM umbrella stock went up more than 6
percent.
DirecTV is part of Hughes Electronics Corp., a subsidiary of
General Motors. GM bought Hughes in 1985. Earlier this year,
Hughes sold its satellite manufacturing business to Boeing for
US$3.75 billion in cash.
General Motors has tried to unlock the value of Hughes, which
trades as a tracking stock. Hughes' market value is estimated to
be valued at more than US$60 billion, greater than General Motors,
whose total stock is worth only about US$54 billion.
Murdoch had a chance to enter the U.S. satellite TV market three
years ago, but abandoned his merger with Charlie Ergen's EchoStar.
Had Murdoch followed through with the EchoStar merger, he would
now own half of a company (EchoStar) recently valued at US$36
billion.
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2000 SPACEandTECH
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