AUSTRALIA

Satellite TV Bid Thrown Out: Two upstart companies that surprised financial markets by winning a bid for the Australian government’s satellite license conceded Friday that they could not come up with the cash by a midnight deadline. Sydney-based UCOM Pty Ltd. and Hi Vision Ltd. won the bid with what were considered extravagant total bids of close to $273 million. They were required by the federal government to pay just a $341 submission fee each. Because of the embarrassment suffered after the two unknown companies won the bid with practically no money down, the government revised its system to require that subsequent bidders pay a 5% deposit. The odds-on favorite to win one of the licenses had been a consortium of Kerry Packer’s Nine Network, Rupert Murdoch’s News Corp. and government-owned Telecom Australia. The Sydney Morning Herald newspaper reported that the consortium’s bid was about one-third less than the one lodged by UCOM for one of the licenses. With the winning bid thrown out, Australia’s efforts to start up satellite pay television services are again in turmoil.