In a speech before the General Motors Corp. annual shareholders' meeting in
Wilmington, Del., Tuesday morning, CEO Rick Wagoner said negotiations with News
Corp. were the company's 'priority right now' as it continues to evaluate
strategic options regarding GM's ownership of Hughes Electronics Corp.
News Corp. has proposed to merge Hughes' DirecTV Inc. direct-broadcast
satellite unit with its SkyGlobal Networks worldwide satellite division. The two
companies have been conducting due-diligence meetings over the past several
weeks, which could extend until later this month, sources said.
Wagoner also admitted Tuesday that the company would remain open to
considering alternative proposals.
EchoStar Communications Corp. chairman Charlie Ergen has made overtures to GM
about his desire to acquire DirecTV, but no official takeover bid has been made
'We are committed to representing and protecting the interests of all GM
shareholders -- GM and GHM [Hughes],' Wagoner said.
The GM board of directors was scheduled to meet Tuesday following the