Hughes Cuts 50 Jobs to Reduce Expenses
From Bloomberg News
Hughes Electronics Corp., owner of the DirecTV satellite television service, said it fired 50 workers at its headquarters in El Segundo to reduce expenses.
The job cuts fit with Chief Executive Chase Carey’s pledge to reduce operating expenses at Hughes, whose DirecTV is the biggest U.S. satellite TV service. Carey was brought in to run Hughes after News Corp. bought a controlling stake for $6.6 billion last month.
About 30 other jobs will be transferred from Hughes’ headquarters to DirecTV’s corporate offices in El Segundo. About 1,250 people work for Hughes in the L.A. area.
Hughes shares rose 6 cents to $16.74 on the New York Stock Exchange.
