John Corn
12-02-02, 02:42 PM
NEW YORK (Reuters) - EchoStar Communications Corp.'s revised bid for Hughes Electronics Corp. is unlikely to help it overcome U.S. regulators opposition to the $19 billion deal, the Wall Street Journal reported on Monday, citing unnamed industry officials.
EchoStar issued a revised merger plan last week, offering to sell more of its assets to create a viable satellite television rival in a bid to convince regulators to allow the companies to go through with the transaction.
The Federal Communications Commission (news - web sites) has expressed concern that together the two companies would dominate the market, limiting customer choice and possibly leading to higher prices.
The U.S. Justice Department (news - web sites) and 23 states have also gone to court to block the merger, and the department appears prepared to aggressively pursue the case, the newspaper said.
Rest of the story (http://story.news.yahoo.com/news?tmpl=story&u=/nm/20021202/media_nm/echostar_report_2)
EchoStar issued a revised merger plan last week, offering to sell more of its assets to create a viable satellite television rival in a bid to convince regulators to allow the companies to go through with the transaction.
The Federal Communications Commission (news - web sites) has expressed concern that together the two companies would dominate the market, limiting customer choice and possibly leading to higher prices.
The U.S. Justice Department (news - web sites) and 23 states have also gone to court to block the merger, and the department appears prepared to aggressively pursue the case, the newspaper said.
Rest of the story (http://story.news.yahoo.com/news?tmpl=story&u=/nm/20021202/media_nm/echostar_report_2)