Hughes to Pay Boeing $360 Million

Hughes Electronics Corp., owner of the DirecTV satellite-television service, agreed to pay Boeing Co. $360 million in cash to resolve a dispute over the price Boeing paid for Hughes’ satellite-making business in 2000. Hughes’ second-quarter earnings were reduced by about $8 million because of the agreement, said a spokesman for El Segundo-based Hughes.

Boeing acquired Hughes’ satellite-systems manufacturing businesses for $3.8 billion in October 2000. Chicago-based Boeing’s shares fell $1.14 to $33.44, while Hughes’ shares, rose 4 cents to $13.80. Both trade on the NYSE.