An interesting read...
Sat49 LLC Press Release, May 7, 2002:
EchoStar-DirecTV Backup Bid Sought
Reno, NV. A proposed backup offer to EchoStar’s bid to acquire DirecTV is in process by Sat49, a newly formed limited liability corporation based in Reno, Nevada. The proposed offer would require the financial participation of the parent companies of ABC (Disney), CBS (Viacom), NBC (GE) and Fox (News Corp), who have concurrently been invited to participate in the purchase. As proposed, stockholders of GM class H stock would receive 49% of the stock of the new venture, Sat49 Inc., as well as $5.697 for each of their shares of GMH stock (approximately $5 Billion). GM would receive a cash dividend of $4.2 billion prior to the divestiture of GM class H stock. For a contribution of $2 Billion, each of the media participants would receive 12.25% of the stock of Sat49 Inc., for a total ownership of 49%. Sat49 LLC would retain 2% of the stock of Sat49 Inc. The Sat49 Business Plan© mandates that neither media participant shall ever own more than 12.25% of Sat49 Inc.
Under the present recommendations of the Sat49 Business Plan©, the public would be able to receive national network programming via satellite free of charge, with fees assessed only for customary fee-for-watching channels. This plan would spur the saturation of satellite reception by consumers, and speed the implementation of High Density Television transmissions.
In announcing the possible venture, Sat49 President Lawrence Johnston said “Sat49 LLC believes that the merger of EchoStar and DirecTV will not be allowed to occur due to antitrust considerations. For this reason, Sat49 believes that stockholders of GM and GM Class H stock should reject the offer by EchoStar, and proceed with accepting a viable offer. Disney, Viacom, GE, and News Corp should relish this proposal, as its implementation would finally give them control of the delivery of their programming in an economical and superior format. The offer to provide free national and local channels, along with our corporate structure, which prevents any media participant from obtaining majority control, either separately or in combination, should dispel any antitrust concerns. This business venture, if accepted by all six invitees, will deliver HDTV expeditiously and inexpensively. It will revolutionize the way that Americans receive their TV signals and watch TVâ€. For further information, contact Sat49 at www.sat49.com.
Sat49 LLC Press Release, May 7, 2002:
EchoStar-DirecTV Backup Bid Sought
Reno, NV. A proposed backup offer to EchoStar’s bid to acquire DirecTV is in process by Sat49, a newly formed limited liability corporation based in Reno, Nevada. The proposed offer would require the financial participation of the parent companies of ABC (Disney), CBS (Viacom), NBC (GE) and Fox (News Corp), who have concurrently been invited to participate in the purchase. As proposed, stockholders of GM class H stock would receive 49% of the stock of the new venture, Sat49 Inc., as well as $5.697 for each of their shares of GMH stock (approximately $5 Billion). GM would receive a cash dividend of $4.2 billion prior to the divestiture of GM class H stock. For a contribution of $2 Billion, each of the media participants would receive 12.25% of the stock of Sat49 Inc., for a total ownership of 49%. Sat49 LLC would retain 2% of the stock of Sat49 Inc. The Sat49 Business Plan© mandates that neither media participant shall ever own more than 12.25% of Sat49 Inc.
Under the present recommendations of the Sat49 Business Plan©, the public would be able to receive national network programming via satellite free of charge, with fees assessed only for customary fee-for-watching channels. This plan would spur the saturation of satellite reception by consumers, and speed the implementation of High Density Television transmissions.
In announcing the possible venture, Sat49 President Lawrence Johnston said “Sat49 LLC believes that the merger of EchoStar and DirecTV will not be allowed to occur due to antitrust considerations. For this reason, Sat49 believes that stockholders of GM and GM Class H stock should reject the offer by EchoStar, and proceed with accepting a viable offer. Disney, Viacom, GE, and News Corp should relish this proposal, as its implementation would finally give them control of the delivery of their programming in an economical and superior format. The offer to provide free national and local channels, along with our corporate structure, which prevents any media participant from obtaining majority control, either separately or in combination, should dispel any antitrust concerns. This business venture, if accepted by all six invitees, will deliver HDTV expeditiously and inexpensively. It will revolutionize the way that Americans receive their TV signals and watch TVâ€. For further information, contact Sat49 at www.sat49.com.
