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DirecTV starts new $2B buyback

Mon, 01/12/2009 - 7:20am
The Associated Press

EL SEGUNDO, Calif. (AP) – DirecTV Group Inc. said Monday it closed on a $3 billion repurchase program and started a new buyback for up to an additional $2 billion in common stock.

The satellite television company had started the $3 billion buyback, which was initially $1 billion, in May.

DirecTV said it has repurchased about $8.2 billion of its shares since February 2006.

The company had 1.05 billion shares outstanding as of Nov. 3, according to a regulatory filing.

DirecTV had total assets of approximately $17.5 billion, and cash or cash equivalents of about $3 billion, as of Sept. 30. Total revenue for the nine months ended Sept. 30 were approximately $14.4 billion.

Last month, DirecTV said hiring would be frozen and all but the most critical capital projects would be suspended as visibility on the economy remained poor. Speaking at the 36th-Annual UBS Global Media and Communications Conference in New York, Jonathan Rubin, senior vice president of financial planning and investor relations, said DirecTV ended the third quarter with net debt of less than $3 billion.

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