Date: 26th September 2000
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.
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