Word: hugheses
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Dates: during 2000-2009
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DirecTV--owned by General Motors' Hughes Electronics Corp.--would be the missing piece of the planetary puzzle for Murdoch's News Corp. Its Sky Global Networks has 85 million subscribers spread across Europe, Asia and Latin America. DirecTV would deliver the U.S. in a bold way. The addition of DirecTV...
DirecTV has been an elusive prize for Murdoch. Hughes chairman Michael Smith long spurned his advances, an impediment that disappeared in May when Smith did: he was recently replaced by Harry Pearce, a top GM executive seen as sympathetic to Murdoch's bid. Just when the deal seemed imminent, though...
Murdoch has several factors in his favor, beyond possibly friendly management at Hughes. With two deep-pocketed backers behind him, Microsoft and Liberty Cable's John Malone, Murdoch could hand over as much as $7 billion in cash. In mergers and acquisitions, cash is king. (Ergen has said he would...
But the wily Ergen, a Tennessee native and a onetime professional gambler, isn't giving up. His initial offer gave shareholders an 18% premium (that bonus decreased when EchoStar stock fell on the news), an amount that forced Hughes' management to take notice.
The few that are, including Melton, have had to make do with private funding. Melton said sources of his funding include the Howard Hughes Medical Institute and the Juvenile Diabetes Foundation International.