Posted: Wed, Feb 18, 2004, 7:14 PM ET (0014 GMT)
News Corporation, which owns a controlling interest in satellite operator PanAmSat, plans to solicit bids to purchase the company, the Wall Street Journal reported Wednesday. News Corp. has hired an investment bank to solicit bids in the satellite operator. While no formal negotiations have started, the Journal reported that experts believe PanAmSat could go for as much as $3.5 billion. Hughes Electronics owns 81% of PanAmSat; Hughes was acquired by News Corp. last year. News Corp. was primarily interested in Hughes because of its DirecTV satellite TV service, and some outside experts had predicted News Corp. would sell non-core assets like PanAmSat.

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