DIRECTV Group Completes $3 Billion Stock Repurchase Program
A $3 billion stock repurchase program, first announced in May 2008, has been completed by DIRECTV. Repurchases, including an additional $2 billion in common stock, may be made through open market purchases, or in negotiated transactions at a time dependent on the condition of the market.
On Monday, The DIRECTV Group announced that its $3 billion stock repurchase program has been completed. The repurchase program, first announced in May 2008, has been approved by the Board of Directors. An additional $2 billion of DIRECTV’s common stock will be affected. Repurchases, such as these, may be made through open market purchases or in negotiated transactions. Available cash on-hand maybe used, in addition to cash expected to be provided by the operations. The amount of such transactions, and the timing, depend on various factors such as the current market condition. The program may be discontinued at any time.
DIRECTV has repurchased an estimated $8.2 billion of its common stock through repurchase programs since February 2006. DIRECTV’s assets were valued at $17.5 billion as of September 30, 2008. Cash, or cash equivalents, totaled approximately $3 billion.
According to DIRECTV’s January 12, 2009 press release, the “forward looking statements” within the above mentioned content are not guarantees of future performance results. All investments involve expected risks and uncertainties. As a result of various factors, which include financial community and rating agency perceptions of the company and its business, operations, and financial condition, actual developments or outcomes may differ materially from those in forward-looking statements. DIRECTV denies any responsibility to update the forward-looking statements contained.
As the world-leading provider to digital television, DIRECTV provides digital television service to more than 17.3 million customers in the United States and about 5.5 million customers in Latin America through its subsidiaries and affiliated companies in the United States, Brazil, Mexico and other countries in Latin America.