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GM shareholders clear way for Hughes sale to News Corp
 
Indiantelevision.com Team
(7 October 2003 2:00 pm)
 
MUMBAI: News Corp's proposed takeover of General Motor's Hughes Electronics Corp has received shareholder approval.
 
 

In a statement issued yesterday, GM said that of the stockholders who participated, about 94 per cent of the holders of GM common shares and Hughes shares voted in favor of the proposals. The move clears the way for News Corp.'s $ 4 billion takeover that will give it control of DirecTV.

DirecTV, meanwhile, has said it will eventually add local TV packages for its customers in 41 US markets scheduled to begin receiving local channels next year. The rollout of local channels in these markets is dependent on the successful launch of the DirecTV 7S satellite, which is expected in mid-to-late first quarter 2004.

DirecTV now offers local channels in 64 markets. The company said its goal is to deliver local channels to 105 markets - representing about 85 per cent of US TV households.

 

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