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Murdoch loses out in satellite bidding war

Can Uncle Rupert bear to live with defeat?
Written by Ben King, Contributor

Can Uncle Rupert bear to live with defeat?

Rupert Murdoch's News Corporation has lost out in the long-running battle to take over US satellite company Hughes Electronics. Hughes' parent General Motors today sold the company to US satellite broadcaster EchoStar, which will give the merged company a near monopoly of the US domestic satellite market if it receives regulator approval. EchoStar will also have to convince General Motors that can find the $5.5bn in cash included in the $25.8bn bid. It also puts an end to Murdoch's plan to build a global satellite empire, and the Australian media tycoon is reportedly angry about the length of time it took to reach a decision. Hughes Electronics is also the world's largest operator of satellite broadband terminals, and has been offering two-way broadband satellite access to small businesses since last month.
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