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Hughes completes acquisition of Primestar
Hughes Electronics Corp. completed the acquisition of the Primestar medium-power direct broadcast satellite (DBS) business for $1.1 billion in cash and 4.9 million shares of General Motors common stock, Hughes reported yesterday.
The deal gives Hughes' DirecTV about 4.8 million subscribers, making it the third-largest multichannel video distributor in the U.S., Hughes said.