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GM, Hughes Investors Approve NewsCorp Deal

News, 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