Technology

GM stockholders back Hughes sell-off

Stockholders at General Motors have approved the sale of its Hughes Electronics subsidiary, selling 34% of the business unit's stock to Sydney, Australia-based News Corporation. News Corporation is the media company owned by Rupert Murdoch.

CBR Staff Writer October 6, 2003

News Corporation is buying the stake in Hughes to gain control of the DirecTV satellite system. Ownership of DirecTV will now give Rupert Murdoch another avenue for distributing movies and television programming from Fox Entertainment Group. News Corporation has agreed to pay $6.6 billion for the Hughes shares.

DirecTV, with 11.8 million subscribers, is the largest US satellite-television provider and accounts for 80% of Hughes’ revenues. California-based Hughes also owns 81% of PanAmSat Corp., the largest US commercial-satellite operator.

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