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If ya can't beat 'em, buy 'em

Thu, 09/21/2000 - 8:00pm
Karen Kessler

EchoStar Chair Charlie Ergen said he plans to make a bid for rival DirecTV and its parent company, Hughes Electronics.

Hughes Global Chair Eddy Hartenstein confirmed that a decision by Hughes parent General Motors to spin off or sell the satellite company would come possibly within months.

Hartenstein said there is no formal offer on the table as yet, from EchoStar, or any other potential buyers.

Ergen can certainly afford it, according to a report on his mounting wealth. Ergen's estimated net worth has reached $11 billion, rocketing him to number 16 on Forbes' 400 Richest Americans list.

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