EchoStar asked U.S. Dist. Court, Denver, to delay DirecTV lawsuit...
EchoStar asked U.S. Dist. Court, Denver, to delay DirecTV lawsuit for 60 days so companies could continue to negotiate sale, as expected (CD June 1 p4). Analysts said move would open door for EchoStar to bid along with News…
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Corp. for DirecTV. “Recently representatives of GM and EchoStar have conducted preliminary discussions as to whether a transaction leading to a business combination of EchoStar and DirecTV would be mutually desirable,” court filing said. Meanwhile, SG Cowan report said Dept. of Justice antitrust review of Gemstar’s interactive program guide could have negative impact on News Corp. bid. Market value of Gemstar is $16 billion, with 25%-35% or $4-$5.5 billion going to Sky Global for News Corp. bid for DirecTV. However, valuation of Gemstar could be “adversely affected” by regulatory action, which could hurt News Corp. bid for DirecTV, SG Cowan said. SG Cowan pointed out DoJ hadn’t made it clear whether it would go any further than investigate Gemstar. However, if it concluded that violations had occurred, Justice could pursue court-ordered injunctions or other legal remedies. SG said conflicts often can be resolved with consent decrees.