By Steve McClellan and Bill McConnell -- Broadcasting & Cable, 12/23/2003 5:10:00 AM
General Motors Corp. and News Corp. Monday closed their $6.6 billion deal to buy control of DirecTV Inc. and its parent, Hughes Electronics Corp. just one working day after the deal was approved by the Federal Communications Commission and the Department of Justice.
The deal gives News Corp. a 34% stake in Hughes, which the company transferred to subsidiary Fox Entertainment Group. GM sold 80% of its interest in Hughes for $3.1 billion cash and swapped the remaining 20% of its stake for News Corp. stock.
Mitch Stern, the former head of the Fox Station group and Twentieth Television is set to manage the satellite service for News Corp.
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