In a move taken to enhance share value for investors, El Segundo-based The DIRECTV Group, Inc. said today that its board of directors has approved the repurchase of up to $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 $1 billion stock repurchase program announced Aug. 9.
Since February 2006, DIRECTV Group has repurchased about $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 $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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