DirecTV bought by EchoStar, Jericho/Rhyno scrapped, XWF update, more Submitted by William Martinez on Monday, October 29, 2001 at 5:50 PM EST
The Orlando Sentinel is reporting that Mansfield Entertainment Inc. is saying that it has a 52-episode commitment from two television networks for shows from the XWF.
The Chris Jericho vs. Rhyno match scheduled for WWF Rebellion has been scrapped due to Rhyno's neck injury. No word on if Jericho will be given a new opponent.
Although they stopped awhile ago, WWF New York no longer airs the Smackdown tapings live on Tuesday nights.
Mick Foley will be hosting the WWF Raw party tonight at WWF New York.
Hardcore Holly will be hosting the WWF Smackdown! party Thursday at WWF New York.
Credit: WWF.com
World Wrestling Federation Entertainment, Inc. Wraps Up Another Successful Year of Smackdown Your Vote!
LOUISVILLE, Ky.--(BUSINESS WIRE)--Oct. 29, 2001--World Wrestling Federation Entertainment Superstars will headline a ``Smackdown Your Vote!'' rally at the University of Louisville today, wrapping up the second successful year of the campaign that has registered tens of thousands of new voters.
WWFE Superstars Kurt Angle, honorary chairman of ``Smackdown Your Vote!'', and Bradshaw, will underscore the importance of participatory politics at the noontime rally at the university's Belknap campus, the final stop on the 2001 Smackdown Your Vote! tour. Voter registration forms will be available to anyone over the age of 18. Registration tables will also be set up at Freedom Hall tonight at the live broadcast of ``WWF Raw.''
``Democracy is built on a simple act: voting,'' said Angle, an Olympic gold medallist. ``For our democracy to remain strong, we need to encourage young people to participate through voting. This is the perfect time to send the message to the world that democracy is stronger than ever in the U.S.A., despite the efforts of those who would seek to undermine it.''
``Casting your vote is a way every American can send a loud and clear message to the enemies of democracy,'' Bradshaw said. ``We will keep our country and our democracy strong because our citizens care deeply about our democracy and our way of life. It is more important than ever that young people get involved and register to vote.''
Smackdown Your Vote! is a partnership organized by World Wrestling Federation Entertainment and includes the National Foundation for Women Legislators, the Youth Vote Coalition, Youth-e-Vote and Project Vote Smart. It registered more than 150,000 new voters during the 2000 presidential campaign and has registered thousands more this year. The goal is to have a total of 200,000 new voters by the 2002 elections.
This year, the effort has included rallies at high schools and colleges and registration tables at WWFE live events in 28 states and the District of Columbia. Also this fall, the campaign has followed Kurt Angle's promotional tour for his just-released autobiography, ``It's True! It's True!'' About 10 percent of those who have attended his book-signings have also registered to vote.
In addition to the rallies and live events, people may register to vote through WWFVote.com.
Credit: Yahoo! News
The following story may have serious implications on DirecTV's negotiations with the WWF:
EchoStar Buying DirecTV for $25.8B Company That Runs Dish Network Poised to Become Nation's Leading Provider of Home Satellite TV Service
By ED GARSTEN AP Auto Writer DETROIT (AP) -- The company that runs the Dish Network is poised to become the nation's leading provider of home satellite TV service after reaching a deal to acquire rival DirecTV from General Motors Corp.
EchoStar Communications Corp. is buying Hughes Electronics and its DirecTV subsidiary from GM for approximately $25.8 billion. The deal, which was struck Sunday during an unusual weekend session of GM's board, came after News Corp. chairman Rupert Murdoch abruptly pulled a long-standing offer for Hughes off the table.
With 10 million subscribers, DirecTV is the largest provider of home satellite television service in the U.S.
EchoStar's Dish Network is a distant No. 2 to DirecTV, with 6.7 million subscribers. The combined company would serve about 17 percent of the pay television market, according to a GM statement.
The new company would retain the EchoStar name and use the DirecTV brand for its services and related products, according to GM. The deal must be approved by federal regulators and GM shareholder.
Under terms of the deal, GM would technically spin off Hughes and merge it with EchoStar. A majority of EchoStar's shareholders already have given their approval to the deal through written consent, according to a statement.
EchoStar is offering 0.73 EchoStar shares for each share of Hughes. Based on EchoStar's closing stock price Friday of $25.26, the deal values each share of Hughes at $18.44 -- a 20 percent premium to Hughes's closing share price of $15.35.
``This transaction provides significant benefits to Hughes, EchoStar, millions of present and future DirecTV customers, and shareholders of both GM and EchoStar,'' said GM president and chief executive officer Rick Wagoner in a statement Sunday.
``U.S. consumers would also benefit from the combined company's ability to increase significantly the number of markets served with local channels via satellite, provide additional channel offerings, increase high-definition TV offerings and accelerate the introduction of next-generation high speed Internet services,'' added Charles Ergen, EchoStar chairman and chief executive.
In early trading Monday, GM Hughes shares fell 81 cents to $14.54 on the New York Stock Exchange, where News Corp. stock was off $1.64 at $27.41 per share. EchoStar shares slipped 64 cents to $24.62 on the Nasdaq Stock Market.
Ergen will remain chairman and CEO of the new company. The board of directors will consist of nine members, five of whom would be independent directors.
Aside from DirecTV, Hughes also provides high-speed Internet service through DirecPC and its PanAmSat unit distributes entertainment and information to cable television systems, TV broadcast affiliates, telecommunication companies and corporations.
In the statement announcing the deal, EchoStar and Hughes said the merger would not cause a disruption of service or additional expense for current subscribers to either DirecTV or Dish Network.
Opposition to the transaction is likely to come from consumer groups who fear domination of the home satellite TV market by one company.
Last week, the president of the National Consumers League asked the Federal Trade Commission and the U.S. Justice Department to look into the possible implications of an EchoStar takeover of DirecTV.
``This would almost certainly lead to reduced competition, higher prices and poorer service for millions of consumers,'' wrote league president Linda Golodner.
GM had been anxious to sell off Hughes in order to focus more fully on its core automotive business.
Murdoch and GM had been in talks for more than 18 months, but when the automaker's board failed to make a decision on Saturday, Murdoch ended his bid for the company.
Murdoch coveted DirecTV as an adjunct to the satellite TV services News Corp. operates overseas. Acquiring DirecTV would have given him a global satellite television network.
EchoStar came into the picture last spring. Over the summer the company proposed a stock swap and assumption of almost $2 billion in debt for Hughes. EchoStar also had guaranteed GM a $500 million breakup consideration if regulators reject the deal.
Despite its market-leading position with DirecTV, Hughes lost $227.2 million in the third quarter and $481.6 million through the first nine months of the year. The company announced plans in August to lay off 10 percent of its 7,900 workers.
