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News Corp.

(NWS) - Get News Corporation Class B Report

is reportedly a day or two away from announcing the purchase of a controlling stake in

General Motors'

(GM) - Get General Motors Company Report

Hughes Electronics

(GMH)

, which operates the DirecTV satellite system.

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News Corp. will pay $6.6 billion for a 35% controlling stake in Hughes, 20% of which would come from GM and the rest public shareholders. The deal would end Rupert Murdoch's three-year effort to enter the U.S. satellite television market and could mark the beginning of an overhaul for the network, which has suffered in the face of competition from cable recently.

Murdoch offered $25 billion for all of Hughes in 2001. Hughes was previously in an agreement to be acquired by

EchoStar

(DISH) - Get DISH Network Corporation Class A Report

, but the agreement was blocked by regulators.

GM's board could meet as early as today to consider the offer,

The Wall Street Journal

reported.