GM board has ‘provisionally’ approved sale of DirecTV to News Cor...
GM board has “provisionally” approved sale of DirecTV to News Corp. Chmn. Rupert Murdoch, who reportedly has “shaken hands” on deal, but it will take 2 weeks to finalize contract which still must be signed, lawyer close to talks…
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said. Source said Hughes Electronics board was scheduled to meet soon to discuss deal, which would create $70 billion global satellite network controlled by Murdoch and News Corp. Comcast was only other serious bidder, but eased up after initial discussions because of potential “regulatory problems,” source said. Murdoch confirmed last week that talks were under way, but neither company has confirmed that deal is imminent. Until deal is signed, Hughes Electronics said it would continue in talks with other parties. Under proposed agreement, News Corp. would have 35% of combined company, with Hughes retaining 65%, source said, and News Corp. Chmn. Rupert Murdoch would be largest shareholder.