GM Receives IRS Ruling on Hughes Transaction 
 
    NEW YORK, Sept. 11 -- General Motors Corp. (NYSE: GM, GMH) 
today announced that it has received a private-letter ruling from the U.S. 
Internal Revenue Service confirming that the distribution of Hughes 
Electronics common stock to the holders of GM Class H common stock, in 
connection with the split-off of Hughes, would be tax-free to GM and its Class 
H stockholders for federal income tax purposes. 
    As previously announced, GM intends to sell its 19.8 percent economic 
interest in Hughes to News Corp. (NYSE: NWS, NWS.A).  News Corp. would 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 
Corp. Preferred American Depositary Shares (ADSs) and/or cash in a taxable 
transaction for U.S. federal income tax purposes.   
    The transactions remain subject to stockholder approval and regulatory 
clearances under the Hart-Scott-Rodino Act and by the U.S. Federal 
Communications Commission. 
    In connection with the proposed transactions, on August 21, 2003, GM, 
Hughes, and News Corp. filed definitive materials with the SEC, including a 
definitive GM Proxy Statement on Schedule 14A; a Hughes Registration Statement 
on Form S-4; and a News Corp. Registration Statement on Form F-4 -- each 
containing a consent solicitation statement of GM, a prospectus of Hughes, and 
a prospectus of News Corp.  Investors and security holders are urged to read 
these materials, as well as any other relevant documents filed or that may be 
filed with the SEC, as they become available, because these documents contain 
or will contain important information. 
    The materials filed on August 21, 2003 and other relevant materials (when 
they become available) and any other documents filed by GM, Hughes or News 
Corp. with the SEC, may be obtained without charge at the SEC's website at 
www.sec.gov .  In addition, the definitive consent solicitation statement 
contains information about how GM stockholders may obtain transaction-related 
documents without charge directly from GM. 
    GM and its directors and executive officers, and Hughes and its directors 
and executive officers, may be deemed to be participants in the solicitation 
of proxies or consents from the holders of GM $1-2/3 par value common stock 
and GM Class H common stock in connection with the proposed transactions. 
Information about the directors and executive officers of GM and their 
ownership of GM stock is set forth in the proxy statement for GM's 2003 annual 
meeting of shareholders.  Participants in GM's solicitation may also be deemed 
to include certain persons whose interests in GM or Hughes are not described 
in the proxy statement for GM's 2003 annual meeting.  Information regarding 
these persons and their interests in GM and/or Hughes was filed pursuant to 
Rule 425 with the SEC by each of GM and Hughes on April 10, 2003.  Investors 
may obtain additional information regarding the interests of such participants 
by reading the definitive consent solicitation statement of GM / prospectus of 
Hughes / prospectus of News filed with the SEC on August 21, 2003. 
    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 Corp. to differ materially, many of which are beyond 
the control of GM, Hughes or News Corp. include, but are not limited to, the 
following:  (1) operating costs, customer loss and business disruption, 
including, without limitation, difficulties in maintaining relationships with 
employees, customers, clients or suppliers, which may be greater than expected 
following the transaction; (2) the regulatory approvals required for the 
transaction may not be obtained on the terms expected or on the anticipated 
schedule; (3) the effects of legislative and regulatory changes; (4) an 
inability to retain necessary authorizations from the FCC; (5) an increase in 
competition from cable as a result of digital cable or otherwise, direct 
broadcast satellite, other satellite system operators, and other providers of 
subscription television services; (6) the introduction of new technologies and 
competitors into the subscription television business; (7) changes in labor, 
programming, equipment and capital costs; (8) future acquisitions, strategic 
partnerships and divestitures and the ability to access capital to maintain 
financial flexibility; (9) general business and economic conditions; and (10) 
other risks described from time to time in periodic reports filed by GM, 
Hughes or News Corp. with the SEC.  Those other risks relating to Hughes 
include, but are not limited to, the uncertainties regarding the operations of 
DIRECTV Latin America, LLC, Hughes' 75% owned subsidiary, which is currently 
operating under Chapter 11 bankruptcy proceedings, and the performance of 
Hughes satellites.  You are urged to consider statements that include the 
words "may", "will", "would", "could", "should", "believes", "estimates", 
"projects", "potential", "expects", "plans", "anticipates", "intends", 
"continues", "forecast", "designed", "goal", "outlook", "objectives", 
"strategy", "target", 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-                             09/11/2003 P 
    /NOTE TO EDITORS:  For additional media information, visit 
http://media.gm.com ./ 
    /CONTACT:  Toni Simonetti, +1-212-418-6380, toni.simonetti@gm.com , or 
Jerry Dubrowski, +1-212-418-6261, jerry.dubrowski@gm.com , both of General 
Motors Corporation; or Richard Dore of Hughes, +1-310-662-9670, 
richard.dore@hughes.com / 
    /Web site:  http://media.gm.com  
                http://www.gm.com / 
    (GM GMH NWS) 
 

 





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