Murdoch Reportedly Seeking Primestar

Wed., Sept. 9, 1998

From Staff

Rupert Murdoch’s News Corp. and an affiliate of TeleCommunications Inc. have reached a tentative deal to acquire control of satellite broadcaster Primestar Inc. from four major cable companies, according to a published report.

The Wall Street Journal, citing people familiar with the deal, said Tuesday that News Corp. and United Video Satellite Group would pay more than $700 million for the cable companies’ 60 percent stake in Primestar.

Time Warner Inc., MediaOne Group, Cox Communications Inc. and Comcast Corp. together own 60 percent of Primestar, while 30 percent is held by TCI Satellite Entertainment Inc., a publicly held spinoff of TCI. Small stakes also are held by General Electric Co., TCI chairman John Malone and the family of TCI founder Bob Magness.

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Murdoch Reportedly Seeking Primestar

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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