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EchoStar Proposes Buying Hughes for $32 Billion

Discussion in 'toonzone News Archive' started by Jeff Harris, Aug 5, 2001.

  1. Jeff Harris

    Jeff Harris Creator/Webmaster, TXB

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    In a move that has stunned the world of satellite television (not to mention sending cable outlets into a tailspin and giving Rupert Murdoch migranes), EchoStar Communications Corporation, owners of Dish Network, announced that it has made a proposal to General Motors Corporation to combine with its Hughes Electronics Corporation unit, owners of DirecTV (a property that Rupert Murdoch, owner of News Corporation and the largest satellite company in the world, SKY-TV, has made no secret in wanting to acquire) in a tax-free, all-stock transaction, totaling $32 Billion, or $23 per share.

    According to EchoStar, this merger will:

    - Provide superior opportunity for GMH and GM shareholders to maximize the value of their investment in Hughes

    - Establish the only fully competitive alternative to powerful U.S. cable/broadband providers, particularly important in light of increasing consolidation among the nation's large cable providers

    - Boast a national footprint, with access to virtually all 100 million U.S. TV households

    The reason why I'm talking about this in detail is that Murdoch had been in the process of gathering funds to purchase Hughes Electronics. One reason why they put Fox Family Worldwide up for sale is so they could buy Hughes (Disney bought the property a couple of weeks ago).

    http://news.excite.com/news/bw/010805/co-echostar-hughes has more information about the deal.
     
    #1 Jeff Harris, Aug 5, 2001
    Last edited by a moderator: Aug 5, 2001

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