GM, Hughes Investors Approve NewsCorp Deal

08 October 2003

Shareholders in General Motors and its Hughes Electronics subsidiary have approved the latter's takeover by News Corporation.

The media mammoth is buying a 34% stake in Hughes for $6.6 billion (€5.6bn; £3.9bn), handing Rupert Murdoch control of America's leading satellite television operator DirecTV [WAMN: 10-Apr-03].

Over 65% of GM and Hughes shareholders voted on the deal; of those who did, 94% approved.

The sale is still under regulatory scrutiny. GM expects the verdict late this year or in early 2004.

Data sourced from: Washington Post Online; additional content by WARC staff