AOL sells Hughes stake to cut debt load-WSJ

Newswire

NEW YORK, Jan 29 (Reuters) - AOL Time Warner Inc. sold its 8.4 percent stake in Hughes Electronics Corp. for about $800 million, the Wall Street Journal reported on Wednesday. Citing people familiar with the sale, the newspaper said AOL sold the stake in Hughes, a subsidiary of General Motors Corp. and parent of DirecTV, in a block trade to Bank of America Corp. , which is expected to resell the shares on the open market. The company sold its entire position as part of its "focus on ...

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