Posted: Mon, Apr 7, 2003, 8:22 AM ET (1222 GMT)
The New York Times reported Monday that cable television provider Cablevision has withdrawn its bid for satellite television operator DirecTV and Hughes Electronics, leaving perhaps a single company still interested in an acquisition. No reason for Cablevision's withdrawal was given, although the Times reported that people close to Cablevision said the company's bid was not being taken seriously. Cablevision was a last-minute surprise bidder for the company; Cablevision is a major cable television provider and is also planning its own satellite television service, with a satellite scheduled for launch later this year. Cablevision is the second bidder to withdraw, after SBC Communications withdrew its bid a few days earlier. Only a single company, News Corporation, is believed to be left in the bidding for DirecTV. The Times reported that News Corp. executives are in negotiations with Hughes' corporate parent, General Motors, but that GM is still leaving open the option of simply spinning off Hughes as a separate company rather than selling it.

Related Links:

•  New York Times article
•  Reuters article