Steve Mehs
02-27-03, 04:16 AM
According to the Wall Street Journal, News Corp. and Liberty Media are no longer working together on a joint bid for DirecTV and Hughes Electronics.
The publication reported that News Corp. will go it alone in its effort to buy the satellite TV assets. Meanwhile, Liberty is considering an independent bid for DirecTV and Hughes, people familiar with the developments told the Journal.
The break-up between the two companies is being viewed as a strategic move. News Corp. wants to pursue DirecTV alone due to regulatory and tax considerations, sources told the Journal. For months, Liberty officials have said they consider Hughes an potential key asset.
The Journal said Liberty sent in a team this week to look at Hughes's financials as part of the due diligence process. News Corp. sent executives earlier in the month to look at the company's books.
Despite the split between the two companies, they have close working relationship. Liberty is the largest shareholder in News Corp.
From SkyReport (http://www.skyreport.com/skyreport/feb2003/022703.shtm#one) (Used with Permission)
The publication reported that News Corp. will go it alone in its effort to buy the satellite TV assets. Meanwhile, Liberty is considering an independent bid for DirecTV and Hughes, people familiar with the developments told the Journal.
The break-up between the two companies is being viewed as a strategic move. News Corp. wants to pursue DirecTV alone due to regulatory and tax considerations, sources told the Journal. For months, Liberty officials have said they consider Hughes an potential key asset.
The Journal said Liberty sent in a team this week to look at Hughes's financials as part of the due diligence process. News Corp. sent executives earlier in the month to look at the company's books.
Despite the split between the two companies, they have close working relationship. Liberty is the largest shareholder in News Corp.
From SkyReport (http://www.skyreport.com/skyreport/feb2003/022703.shtm#one) (Used with Permission)