Justice Dept. Examines Satellite-TV Merger
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EchoStar Communications Corp.’s proposed $18.3-billion purchase of General Motors Corp.’s DirecTV would “at best” reduce competitors for subscription television from three competitors to two, the Justice Department’s antitrust enforcement chief told a Senate committee.
In rural areas not served by cable television, there will be no competition to the merged satellite television provider, Assistant Atty. Gen. Charles A. James testified. The Justice Department’s antitrust division will decide “as quickly as possible” whether to challenge the combination or impose conditions to allow the combination.
On the NYSE, shares of General Motors-Hughes Electronics Corp. fell 28 cents to $8.82 and General Motors shares dropped $1.29 to $42.45. EchoStar shares fell 11 cents to $17.29 on Nasdaq.
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