Date: 29th November 2000

Murdoch Makes His Biggest Bid Yet

Rupert Murdoch's plan to form closer ties with Liberty Media's John Malone may be part of a broader strategy to acquire satellite TV provider DirecTV, owned by General Motors' subsidiary Hughes Electronics, published reports said today (Tuesday).

According to today's New York Daily News, Murdoch has offered $55 billion in cash and stock for Hughes -- the most he has ever bid for any property.

The Daily News quoted Weatherly Securities analyst Barry Hyman as noting that, since Malone holds a minority stake in Hughes, "you now have a friendly participant on board" who could help secure the deal for Murdoch.

Disney, Microsoft and Viacom are also said to be in the bidding to acquire the GM unit.

Source: Studio Briefing