Murdoch to sell satellite business
13 April 2012
MEDIA tycoon Rupert Murdoch is set to sell the commercial satellite business he controls for more than $5bn (£3.4bn), reports the Independent on Sunday.
Five bidders made offers last week for PanAmSat, the Nasdaq-listed company 81% owned by DirecTV, the US satellite broadcaster which Mr Murdoch's News Corporation took control of last year in a $6.8bn deal.
The offers are understood to value PanAmSat at nearly $5bn. In addition, Mr Murdoch is understood to have put two other smaller DirecTV satellite businesses up for sale, VSAT and the Spaceway broadband project. Analysts say they could be worth more than $600m.
