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News Gets Hughes

By LouAnn Lofton (TMF Bling)
April 9, 2003

Rupert Murdoch will soon be able to consummate his three-year love affair with Hughes Electronics (NYSE: GMH).

According to published reports today, Murdoch's News Corp. (NYSE: NWS) reached a deal with Hughes daddy General Motors (NYSE: GM) to buy 20% of the shares GM owns. News will purchase an additional 15% of the company from public shareholders.

For this 35% controlling stake in Hughes, News is paying around $6.6 billion...
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