Murdoch loses out in satellite bidding war

NEWS Rupert Murdoch's News Corporation has lost out in the long-running battle to take over US satellite company Hughes Electronics. Hughes' parent General Motors today sold the company to US satellite broadcaster EchoStar, which will give the merged company a near monopoly of the US domestic satellite market if it receives regulator approval. EchoStar will also have to convince General Motors that can find the $5.5bn in cash included in the $25.8bn bid. It also puts an end to Murdoch's plan to build a global satellite empire, and the Australian media tycoon is reportedly angry about the length of time it took to reach a decision. Hughes Electronics is also the world's largest operator of satellite broadband terminals, and has been offering two-way broadband satellite access to small businesses since last month.