Rupert Murdoch's News Corp. took another step closer to acquiring controlling
interest in Hughes Electronics Corp. and its DirecTV Inc. DBS subsidiary, but it
also acknowledged the Department of Justice has asked for more information about
News Corp. announced it has filed preliminary materials with the Securities
and Exchange Commission, including a consent solicitation statement from Hughes
parent General Motors, as well as registration statements for Hughes and News
Murdoch's multimedia conglomerate is seeking to invest $6.6 billion in Hughes
in exchange for 34 percent of Hughes common stock and control of DirecTV.
But in announcing the filing, the company also acknowledged the Justice
Department has asked for more information related to the transaction.
"The companies intend to respond promptly to the information requests and do
not anticipate that compliance with the requests will delay completion of the
transaction, which is expected by the end of calendar 2003 or, at the latest, in
the first quarter of calendar 2004," according to a company statement issued