DirecTV Exchanging Notes

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DirecTV Holdings LLC and DirecTV Financing Co. Inc. announced an exchange
offer Friday for up to $1.4 billion in newly issued senior notes for the same
amount of existing bonds.

In a press release, the two units of Hughes Electronics Corp.’s DirecTV Inc.
said they would exchange an aggregate principal amount of $1.4 billion in 8.38%
senior notes due March 15, 2013, for the same amount of existing 8.38% notes due
the same date.

The expiration date of the new offering is 5 p.m. Sept. 22.

In an unrelated move, General Motors Corp. said it would solicit shareholder
votes in early September for the planned spinoff of Hughes and its previously
announced deal to sell its 20% stake in the unit to News Corp.

In a press release, GM said that as part of the transaction, News Corp. would
acquire additional Hughes stock from Hughes shareholders to bring its total
holdings to 34%. GM expects to receive stockholder consent in early October.

The announcement came after the Securities and Exchange Commission declared
effective the registration statements that contain the consent solicitation
statement/prospectuses.

Shareholders of record of GM and Hughes stock as of Aug. 1 are eligible to
vote, GM said in the statement.

In April, News Corp. announced its agreement to purchase 34% of Hughes for
$6.6 billion in cash and stock. The deal is expected to close in late 2003 or
early 2004.

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