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February 27, 1997updated 05 Sep 2016 1:04pm

MURDOCH TO CREATE US SKY ENTITY

By CBR Staff Writer

Taking a short cut in its ambitions to become a major force in satellite television in the US, Rupert Murdoch’s News Corp is to buy a 50% stake in of EchoStar Communications Corp in a deal valued at $1bn. News Corp will pay about $500m cash and give EchoStar satellites and other assets of the American Sky Broadcasting, the direct broadcast satellite venture that News Corp owns with MCI Communications Corp, and will create a US Sky entity.

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