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January 23, 2008 |
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DIRECTV GROUP: Board Okays US$1-Billion Stock Repurchase Program The DIRECTV Group Inc.'s Board of Directors has approved the repurchase of up to US$1 billion of its common stock, from time to time through open market purchases or in negotiated transactions, using available cash on hand and cash expected to be provided by operations. The timing and amount of such transactions depend on a variety of factors, including market conditions. The program may be suspended or discontinued at any time. DIRECTV Group had recently completed its US$1.0 billion stock repurchase program announced on Aug. 9, 2007. Since February 2006, DIRECTV Group has repurchased approximately US$5 billion of its common stock through repurchase programs that have been approved and announced from time to time. DIRECTV Group had total assets as of Sept. 30, 2007, of approximately US$15 billion, total revenues for the first nine months of 2007 of approximately US$12 billion, and cash or cash equivalents of approximately US$1.2 billion. Headquartered in El Segundo, California, The DIRECTV Group Inc. (NYSE:DTV) -- http://www.directv.com/ -- provides digital television entertainment in the United States and Latin America. It has two segments, DIRECTV U.S. and DIRECTV Latin America. The DIRECTV U.S. segment provides direct-to-home digital television services in the multichannel video programming distribution industry in the United States. The DIRECTV Latin America segment provides digital direct-to-home digital television services to approximately 1.6 million subscribers in 27 countries, including Brazil, Argentina, Venezuela, and Puerto Rico. * * * In April 2007, Standard & Poor's Ratings Services affirmed the 'BB' corporate credit and 'BB-' senior unsecured debt rating on The DIRECTV Group Inc. S&P said the outlook is stable. In addition, Standard & Poor's raised the bank loan rating on US$2 billion of credit facilities at DIRECTV Holdings LLC, a wholly owned subsidiary of The DIRECTV Group Inc, to 'BB+' from 'BB' and revised the recovery rating to '1' from '3'. |
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