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EchoStar: no cash for DirectTV

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Jun 17, 2001 | 8:41am EDT

EchoStar has been unable to find investors willing to put up the cash for a planned bid to buy Hughes Electronics, the operator of the DirecTV home satellite service, the London Financial Times reported today (Friday). Its inability to do would appear to increase the chances that Rupert Murdoch's News Corp will eventually forge a deal with Hughes' parent, General Motors, to buy Hughes, the newspaper observed. EchoStar chairman Charlie Ergen might still make a bid for the company, hoping to buy time while other possible investors whom he has sounded out perform due diligence, according to the FT.

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