Posted: Fri., Jan. 15, 1999

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Hughes to up DirecTV Japan stake

Company to buy up stock from video chain

TOKYO -- Hughes Electronic Corp. is planning to up its stake in direct to home satellite broadcaster DirecTV Japan from its current 31.75% to about 41%, a Japanese financial daily reported Wednesday.

In order to increase its capital in the venture, Hughes will buy shares held by video rental chain Culture Convenience Club Co., which currently also holds a 31.75% share in the firm, the Nihon Keizai Shimbun reported citing company sources.

A DirecTV Japan official said there have been talks about the share increase, but nothing has been decided.

Former DirecTV chairman Gareth C.C. Chang said the company had not been satisfied with the input Culture Convenience Club had been giving to the venture.

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