News Corp shares rise on DirecTV bid speculation

posted onOctober 11, 2002
by hitbsecnews

Source: Hindustan Times

News Corp shares surged as speculation mounted it would revive a bid for US satellite broadcaster DirecTV after US regulators blocked a rival offer from EchoStar.

News Corp chief executive and chairman Rupert Murdoch told the company's annual general meeting this week that he was keeping his options open on a new bid for DirecTV.

News Corp appeared to have clinched a deal to buy DirecTV from Hughes Electronics this time last year but the plan failed when EchoStar came in with a last-minute bid.

The US Federal Communications Commission said overnight that the proposed merger, valued at 18 billion US dollars, would create a monopoly and harm consumers.

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