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Hughes President and CEO Jack Shaw took a further step to assure that his company's pending merger with EchoStar is on track, telling Hughes and PanAmSat employees that despite press reports to the contrary the company is "thoroughly committed" to closing the proposed combination with its satellite TV rival.
In a letter sent to employees Thursday, Shaw said, "I strongly believe that this merger is the best outcome for our company, our customers, and our shareholders. Our management focus is on completing the merger while running our businesses as efficiently and competitively as possible, so that we enter the merger as a stronger and healthier company and give a running start to the newly merged enterprise."
The letter to employees came after the Los Angeles Times reported that a management-led buyout of Hughes' DirecTV unit was under consideration, and that DirecTV President Roxanne Austin had discussed the possibility with senior leaders at DirecTV.
"Roxanne has denied any such discussions, and I can personally assure you that no such alternatives are being considered," Shaw said in the letter. "I should also point out that any decisions on the future of Hughes and its operating companies always will be made by General Motors (which controls Hughes) and Hughes corporate leaders, not by individual operating companies."
Shaw also said Hughes and GM representatives met with the Justice Department's antitrust division early last week, and were assured any recommendations concerning the merger have not been made by the DOJ's antitrust staff. "We are still engaged in discussions with both the Justice Department and Federal Communications Commission, and the review process is ongoing," Shaw said.
From SkyReport (Used with Permission)
In a letter sent to employees Thursday, Shaw said, "I strongly believe that this merger is the best outcome for our company, our customers, and our shareholders. Our management focus is on completing the merger while running our businesses as efficiently and competitively as possible, so that we enter the merger as a stronger and healthier company and give a running start to the newly merged enterprise."
The letter to employees came after the Los Angeles Times reported that a management-led buyout of Hughes' DirecTV unit was under consideration, and that DirecTV President Roxanne Austin had discussed the possibility with senior leaders at DirecTV.
"Roxanne has denied any such discussions, and I can personally assure you that no such alternatives are being considered," Shaw said in the letter. "I should also point out that any decisions on the future of Hughes and its operating companies always will be made by General Motors (which controls Hughes) and Hughes corporate leaders, not by individual operating companies."
Shaw also said Hughes and GM representatives met with the Justice Department's antitrust division early last week, and were assured any recommendations concerning the merger have not been made by the DOJ's antitrust staff. "We are still engaged in discussions with both the Justice Department and Federal Communications Commission, and the review process is ongoing," Shaw said.
From SkyReport (Used with Permission)
