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Murdoch seals $6.6 billion deal for Hughes Electronics
MUMBAI: The timing was certainly apt. As American-led forces marched into Baghdad, Rupert Murdoch’s media empire News Corp, which has made no bones about it’s unambiguous and undivided support for US president George Bush’s invasion of Iraq, made its own victory announcement.
Murdoch’s three-year hunt for Hughes Electronics and its DirecTV unit is almost over bar the shouting (whether there will be opposition from regulators remains to be seen though). News Corp yesterday confirmed it plans to acquire 34 per cent of the leading US satellite broadcaster for about $6.6 billion in cash and stock. If as expected the deal is closed, Murdoch’s dream for global satellite TV supremacy will be well and truely realised.
As per the deal thrashed out between News Corp, General Motors and Hughes Electronics, Murdoch’s media conglomerate will acquire GMs 19.9 per cent stake in Hughes and a further 14.1 per cent of Hughes from public shareholders and GMs pension and other benefit plans. At closing, News Corp.s 34 per cent ownership interest will be transferred to Fox Entertainment Group (FEG), an 80.6 per cent-owned News Corp subsidiary, in exchange for a $4.5 billion promissory note and approximately 74.2 million shares in Fox at $27.99 per share, increasing News Corp.s equity interest in FEG to approximately 82 per cent.
If the deal goes through, it will trigger a clause in a previous agreement News Corp has with John Malone’s Liberty Media to make him a partner. Fallen by the wayside are potential suitors Cablevision Systems and SBC Communications.
Following completion of the acquisition, which is subject to regulatory approvals, a tax ruling, and GM stockholder approval, Murdoch will become chairman of Hughes, while News Corp.s former co-COO, Chase Carey, will be president and CEO of Hughes. Hughes corporate senior executive V-P Eddy Hartenstein will be vice-chairman and report to Carey.
The businesses contained in Hughes include leading satellite broadcaster DirecTV, which has more than 11 million subscribers in the United States; an 81% equity holding in satellite operator PanAmSat; and Hughes Network Systems, the world’s leading provider of broadband satellite network solutions.
A company release quoted Murdoch as saying yesterday: “Today we announce a genuinely exciting and transforming deal for News Corp., the Fox Entertainment Group and Hughes Electronics. The benefits will be felt almost immediately in the competition it will offer cable, the richer services it will provide to American viewers, and the value it will create for the shareholders of Fox, News Corp. and Hughes.
“With Fox taking a significant interest in Hughes, we are forging what we believe will be the premier diversified entertainment company in America today, with leading assets in film, television broadcasting and production, cable programming, and now pay-TV distribution. The alignment of Foxs valuable content assets and DirecTVs distribution platform will provide significant benefits to consumers and greatly enhance the future businesses of both companies.”
If and when approvals from antitrust regulators for the DirecTV buyout come through, Murdoch’s vision of controlling a global network of pay-TV businesses that span the US, Britain, Europe, Asia, Latin America and Australia will have been realised.
NEW DELHI: Hamdard Laboratories gathered a cross-section of India’s achievers in New Delhi on Friday, handing out the Hakeem Abdul Hameed Excellence Awards to figures who have left their mark across healthcare, education, sport, public service and the arts.
The ceremony, attended by minister of state for defence Sanjay Seth and senior officials from the ministry of Ayush, celebrated individuals whose work blends professional success with a sense of public purpose. It was as much a roll call of achievement as it was a reminder that influence is not measured only in profits or podiums, but in people reached and lives improved.
Among the headline awardees was Alakh Pandey, founder and chief executive of PhysicsWallah, recognised for turning affordable digital learning into a mass movement. On the sporting front, Arjuna Awardee and kabaddi player Sakshi Puniya was honoured for her contribution to the game and for pushing women’s participation onto bigger stages.
The cultural spotlight fell on veteran lyricist and poet Santosh Anand, whose songs have echoed across generations of Hindi cinema. At 97, Anand accepted the honour with characteristic humility, reflecting on a life shaped by perseverance and hope.
Healthcare honours spanned both modern and traditional systems. Manoj N. Nesari was recognised for strengthening Ayurveda’s place in national and global health frameworks. Padma shri Mohammed Abdul Waheed was honoured for his research-backed work in Unani medicine, while padma shri Mohsin Wali received recognition for his long-standing contribution to patient-centred care.
Education and social development also featured prominently. Padma shri Zahir Ishaq Kazi was honoured for decades of work in education, while former Meghalaya superintendent of Police T. C. Chacko was recognised for public service. Goonj founder Anshu Gupta received an award for his dignity-centred rural development initiatives, and the Hunar Shakti Foundation was honoured for empowering women and young girls through skill development.
The Lifetime Achievement Award went to former IAS officer Shailaja Chandra for her long career in public healthcare and governance, particularly in the traditional systems under Ayush.
Speaking at the event, Hamdard chairman Abdul Majeed said the awards were a tribute to those who combine excellence with empathy. “These awardees reflect Hakeem Sahib’s belief that healthcare, education and public service must ultimately serve humanity,” he said.
Minister Seth struck a forward-looking note, saying India’s young population gives the country a unique opportunity to become a global destination for learning, health and wellness by 2047.
The ceremony also featured the trailer launch of Unani Ki Kahaani, an upcoming documentary starring actor Jim Sarbh, set to premiere on Discovery on 11 February.
Instituted in memory of Unani scholar and educationist Hakeem Abdul Hameed, the awards have grown into a national platform that celebrates those building a more inclusive and resilient India. For one evening at least, the spotlight was not just on success, but on service with substance.
