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Murdoch Cuts Spending to Focus on DirecTV

News, 16 January 2001

Rupert Murdoch has ordered his media empire to slash expenditure on acquisitions ahead of the biggie to trump all previous NewsCorp deals – a potential $40 billion bid for satellite broadcaster DirecTV.

The shelving of new investments comes a month after the decision to freeze spending on IT and recruitment and less than a fortnight after the announcement of lay-offs among web staff [WAMN: 05-Jan-00]. Complained one senior executive: “The financial people are looking under every rock for money”.

The purchase of General Motors-owned DirecTV would represent the largest deal in the company’s history.

News source: Financial Times