DirecTV to be sold, report says

[Gregg Lengling]

NEW YORK -- Rupert Murdoch's News Corporation and Hughes Electronics are reportedly completing an agreement for an ownership stake in DirecTV. It would have News Corp buying a 35 percent stake of the satellite broadcaster for more than $6 billion.

The Wall Street Journal says executives at both companies are hopeful that a deal will be announced in a day or two.

Murdoch has sought control of the parent company of DirecTV for several years.

The report notes that Murdoch will need to revitalize the satellite broadcaster facing competition from cable TV and a challenging economic environment.