Industry sources say Rupert Murdoch's News Corp. is close to a deal to take control of the largest US satellite television provider DirecTV and create a US$70 billion global network.
Negotiations between Ruport Murdoch's News Corp. and General Motors are continuing over a takeover bid for DirecTV, but the GM board will not vote on the proposal at a regularly scheduled meeting later today.
Shares in News Corp jumped three percent Monday, as fund managers continued to speculate that media mogul Rupert Murdoch could take control of US satellite television provider DirecTV.
Rupert Murdoch's News Corp is said to be ready to walk away from a deal to merge its satellite operations with America's biggest satellite player.
News Corp's efforts to take control of DirecTV have been bouyed with the departure of Hughes Electronics Chairman Michael Smith. But the deal could still be derailed by rival suitor EchoStar.
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