DIRECTV LOSS AIDS MURDOCH MERGER BID

Michael Smith, chief executive of DirecTV parent company Hughes Electronics, has announced his immediate retirement after 16 years at the company. Smith?s decision removes a significant obstacle from Rupert Murdoch?s path in his quest to merge DirecTV with his own News Corporation, creating the first global satellite broadcasting network. The departing Hughes chief executive had publicly voiced his opposition to the proposed merger stating that Murdoch?s bid had been ?unimpressive?.