General News

Murdoch's U.S. satellite plans are up in the air

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Oct 01, 2001 | 10:21am EDT

The possibility that Rupert Murdoch's News Corp might add Hughes Electronic's DirecTV to his worldwide satellite-to-home operation appeared increasingly dubious following News Corp's decision to cut the cash component of its bid by around $1 billion, according to the London Sunday Observer. General Motors, Hughes' parent, is due to consider the revised bid on Tuesday. The newspaper quoted David Kestenbaum of international investment bank ABN Amro as saying: "If GM gets less cash from Murdoch, then they're less enticed to do the deal. ... There's still a chance that Murdoch wins, but we're pretty negative on it."

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