EchoStar Offers $30.4 Billion for DirecTV
Satellite television provider EchoStar Communications Corp. tried to usurp News Corp. Ltd.'s bid for the DirecTV network by offering $30.4 billion to buy DirecTV's owner, Hughes Electronics Corp., from parent General Motors Corp.The offer was made Aug. 5 to stop News Corp. CEO Rupert Murdoch's efforts to merge DirecTV with his Sky Global Satellite network.
Combined, EchoStar and Hughes would have 16 million subscribers. General Motors and Hughes representatives said they had no response to the efforts yet, according to reports.
Murdoch has been close to a deal to acquire DirecTV since February. His offer would value the merged companies at $50 billion to $60 billion, according to reports. He had been expected to complete the deal within days.
