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GM Decision on Hughes: 60 Days


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#1 OFFLINE   Steve Mehs

Steve Mehs

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Posted 08 January 2003 - 05:07 AM

General Motors may announce plans within 60 days concerning the future of its Hughes Electronics unit, which controls satellite TV giant DirecTV, GM CEO Rick Wagoner said this week at the North American International Auto Show.

In an interview with the Associated Press at the Detroit gig, Wagoner didn't mention any possible suitors for Hughes. "There's interest among others in various forms of transactions," he said.

"So we'll have options. We just haven't decided yet what makes the most sense for Hughes and GM."

The most talked about candidate for Hughes and DirecTV is News Corp., which reportedly is lining up money to buy the satellite TV company. News Corp. was outbid by EchoStar for DirecTV/Hughes in 2001, but EchoStar's proposed acquisition of its satellite TV rival was nixed after it ran into regulatory trouble in Washington, D.C.

The News Corp. bid may include Liberty Media as a partner. On Tuesday, Liberty's Robert Bennett was quoted at a Salomon Smith Barney conference as saying the company will likely join News Corp. for a joint Hughes/DirecTV bid.

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