DirecTV’s board signs off on $1 billion stock buyback plan
DirecTV Group announced today that its board of directors has approved up to $1 billion for the buyback of the company’s common stock.
According to Bloomberg, the buyback would account for as many as 50.8 million shares, or roughly 4.4 percent of DirecTV’s outstanding shares, based on the closing price of $19.67 per share on Friday.
DirecTV, the largest satellite-based TV provider in the country, recently completed its $1 billion stock repurchase program that was announced on Aug. 9, 2007. Since February 2006, the company has repurchased approximately $5 billion of its common stock through repurchase programs that have been approved and announced from time to time.
As of Sept. 30, DirecTV had total assets of approximately $15 billion, total revenues for the first nine months of 2007 of approximately $12 billion, and cash or cash equivalents of approximately $1.2 billion.
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