Re: GM-Hughes transaction

    GM Plans to Split-Off Hughes and Redeem GM Class H Shares Today 
 
    NEW YORK, Dec. 22 -- General Motors Corp. (NYSE: GM, GMH) today announced 
that it plans to complete the split-off of its Hughes Electronics subsidiary 
before the close of trading on the New York Stock Exchange today. 
    In connection with the Hughes split-off, GM will redeem all outstanding 
shares of GM Class H common stock and distribute to GM Class H common 
stockholders one share of Hughes common stock in exchange for each share of GM 
Class H common stock outstanding prior to the redemption time.   
    The redemption will become effective later today at the time of the 
simultaneous sale by GM of its 19.8 percent economic interest in Hughes to The 
News Corporation Ltd. (NYSE:  NWS, NWS.A).  News Corporation will then acquire 
from the former GM Class H common stockholders an additional 14.2 percent of 
the outstanding shares of Hughes common stock in exchange for News Corporation 
Preferred American Depositary Shares. 
    This announcement by GM constitutes notice of the redemption of shares of 
GM Class H common stock pursuant to GM's certificate of incorporation as 
amended by the amendment of GM's charter approved by GM common stockholders in 
October which became effective when filed with the Delaware Secretary of State 
earlier today. 
    General Motors, the world's largest vehicle manufacturer, designs, builds 
and markets cars and trucks worldwide and has been the global automotive sales 
leader since 1931. GM employs about 340,000 people around the world. 
    Hughes is a world-leading provider of digital television entertainment, 
broadband satellite networks and services, and global video and data 
broadcasting. 
    In connection with the transactions, on August 21, 2003, General Motors 
Corporation ("GM"), Hughes Electronics Corporation ("Hughes") and The News 
Corporation Limited ("News Corporation") filed definitive materials with the 
Securities and Exchange Commission ("SEC"), including a Definitive Consent 
Solicitation Statement of GM on Schedule 14A, a Registration Statement of 
Hughes on Form S-4 and a Registration Statement of News Corporation on Form F-
4 that contain a consent solicitation statement of GM, a prospectus of Hughes 
and a prospectus of News Corporation.  Investors and security holders are 
urged to read these materials, as well as any other relevant documents filed 
or that will be filed with the SEC, as they become available, because these 
documents contain or will contain important information.  These materials and 
other relevant materials (when they become available) and any other documents 
filed by GM, Hughes or News Corporation with the SEC, may be obtained for free 
at the SEC's website, www.sec.gov .  In addition, the definitive materials 
contain information about how to obtain transaction-related documents for free 
from GM. 
    This communication shall not constitute an offer to sell or the 
solicitation of an offer to buy any securities, nor shall there be any sale of 
securities in any jurisdiction in which such offer, solicitation or sale would 
be unlawful prior to registration or qualification under the securities laws 
of any such jurisdiction.  No offering of securities shall be made except by 
means of a prospectus meeting the requirements of Section 10 of the Securities 
Act of 1933, as amended. 
    Materials included in this document contain "forward-looking statements" 
within the meaning of the Private Securities Litigation Reform Act of 1995.  
Such forward-looking statements involve known and unknown risks, uncertainties 
and other factors that could cause actual results to be materially different 
from historical results or from any future results expressed or implied by 
such forward-looking statements.  The factors that could cause actual results 
of GM, Hughes and/or News Corporation to differ materially, many of which are 
beyond the control of GM, Hughes or News Corporation include, but are not 
limited to, the following: (1) the effects of legislative and regulatory 
changes and (2) other risks described from time to time in periodic reports 
filed by GM, Hughes or News Corporation with the SEC.  Those other risks 
relating to Hughes include, but are not limited to the performance of Hughes 
satellites.  You are urged to consider statements that include the words 
"will," "expects," or the negative of those words or other comparable words to 
be uncertain and forward-looking.  This cautionary statement applies to all 
forward-looking statements included in this document. 
 
SOURCE  General Motors Corporation 
    -0-                             12/22/2003 P 
    /NOTE TO EDITORS:  For additional media information, visit 
http://media.gm.com ./ 
    /CONTACT:  Jerry Dubrowski of General Motors Corporation, [phone]; 
or Bob Marsocci of Hughes Electronics, [phone]/ 
    /Web site:  http://media.gm.com 
                http://www.gm.com / 
    (GM GMH NWS NWS.A) 
 






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