News Corp‘s [NYSE: NWS] much anticipated deal to acquire General Motors [NYSE: GM] subsidiary Hughes Electronics [NYSE: GMH] could stumble over the issue of program access when U.S. regulators review it. To head off regulatory opposition, News Corp included in the deal assurances that program access would be protected for other multi-channel service providers.

News Corp, which generates programs through its Fox subsidiary and its Liberty Media [NYSE: L] affiliate, is hoping the guarantees will enable it to buy Hughes and its crown jewel satellite TV business unit, DirecTV.

Under terms of the deal announced Wednesday, GM would split off Hughes and simultaneously sell its 19.9 percent economic interest in Hughes to News Corp for $14 per share, or approximately $3.8 billion. GM would receive about $3.1 billion in cash, and the remainder would be paid in News Corp preferred American depositary receipts.

News Corp would acquire an additional 14.1 percent stake in Hughes from holders of GM class H common stock, through a mandatory exchange of a portion of their Hughes common stock received in the split-off. They would receive News Corp stock and/or cash valued at about $14 per share. The total value of News Corp’s proposed acquisition of a 34 percent equity interest in Hughes would be approximately $6.6 billion.

For more on this story, check out the April 14 issue of SATELLITE NEWS. For more information about subscribing to PBI Media’s satellite newsletters, check out our Web site at https://www.satellitetoday.com.