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Murdoch to sell hughes stake to FIIs

24-April-2004
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Murdoch to sell hughes stake to FIIs

Rupert Murdoch promoted NewsCorp is planning to sell its 55 per cent stake in Hughes Software Systems (HSS) to some foreign institutional investors (FIIs). While markets have been talking of TCS being a likely buyer, according to reliable sources, the NewsCorp is not interested in selling its stake to any IT companies but to FIIs, who are expected to pay better prices. When contacted, TCS spokespersons declined to comment. Arun Kumar, CEO of HSS also declined to comment. Just three days back, Mr Murdoch sold 80.5 per cent of his stake in Panamsat, a satellite network, to a private equity group for $3.5 billion, said sources, pointing out that sale to equity investors was preferred strategy over selling to strategic corporate investors.

As part of its global acquisition of Hughes in the US in 2003 for $6.6 billion, NewsCorp acquired 55.4 per cent stake in HSS. As telecom and software services is not complementary to the business of NewsCorp, it is looking to sell off its stake in order to concentrate in its core business.

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