Murdoch says rumors about DirecTV deal are “dead wrong”

Breaking his recent silence over negotiations with General Motors for Hughes Electronics, operator of DirecTV, Rupert Murdoch said Thursday that speculation in the press about his proposals to GM were “widely off the mark” and sometimes “dead wrong.” Although news reports had quoted Hughes shareholders as expressing dismay that Murdoch was not offering a premium beyond the current net worth of the stock, Murdoch said Thursday, “The deal under discussion includes a healthy premium as well as synergies no other company could match.” Murdoch made his remarks as he spoke to reporters during a telephone news conference after News Corp reported a net loss of $265 million during the last quarter. Much of the loss was attributed to a write-down of the Australian telephone company One.Tel. Murdoch noted that while he was pleased with the success of the 20th Century Fox summer releases Planet of the Apes and Dr. Dolittle 2, he was not bullish about News Corp’s advertising-dependent print and broadcast properties. “The advertising market is weak, so much of the revenue we are enjoying is in relatively short-term bookings,” he said.