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Hughes, DirecTV Chiefs to Move to N.Y.

Relocation from El Segundo would help Rupert Murdoch keep an eye on his new unit.

December 24, 2003|From Bloomberg News

Hughes Electronics Corp. Chief Executive Chase Carey and Mitchell Stern, CEO of Hughes' DirecTV Inc. unit, will be based in New York instead of at Hughes' headquarters in El Segundo, a Hughes spokesman said Tuesday.

That will allow News Corp.'s New York-based CEO, Rupert Murdoch, to keep a closer eye on Hughes.

News Corp. on Monday bought a controlling 34% stake in Hughes, whose DirecTV is the biggest U.S. satellite TV service, for $6.6 billion in cash and stock. Murdoch's media company, which offers satellite TV services on five continents, plans to introduce interactive features to DirecTV subscribers, Carey said Monday.

The decision to move the executives to New York was first reported by the newspaper Variety.

Customers of News Corp.'s British Sky Broadcasting Group in Britain use interactive features to shop through their TV sets and choose camera angles while watching sports.

Newly issued shares of Hughes Electronics traded at $16.90 on the New York Stock Exchange. The company previously had traded as a tracking stock of General Motors Corp. The tracking stock stopped trading Monday after GM sold its stake in Hughes to News Corp.

The American depositary receipts of Sydney, Australia-based News Corp. fell 4 cents to $34.84 on the NYSE.

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