News Corp. Pledges Satellites for DirecTV
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Rupert Murdoch’s News Corp. has promised to invest $1 billion in new satellites for DirecTV service if federal regulators approve its bid for a controlling stake in the company.
News Corp. also plans to provide more access to local channels and to high-definition TV broadcasts and would introduce new interactive TV services, the company said in a filing Monday with the Federal Communications Commission.
DirecTV is owned by El Segundo-based Hughes Electronics Corp. In April, News Corp. reached a deal with Hughes owner General Motors Corp. that would give Murdoch’s firm a 34% stake in Hughes in exchange for $6.6 billion in cash and stock.
The deal is pending approval from the FCC, which rejected a proposed deal last year between DirecTV and its chief competitor, EchoStar Communications Corp.
From Associated Press
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