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BUSINESS
April 7, 2005 | From Bloomberg News and Reuters
DirecTV Group Inc., the biggest U.S. satellite TV firm, canceled a planned $500-million junk bond sale rather than pay the higher interest rates investors have demanded on lower-quality bonds since early March. The company said it would instead borrow more under a planned loan arrangement with its banks. The proceeds would be used to refinance existing debt. "We felt the economics were more favorable going this route," DirecTV spokesman Bob Marsocci said Wednesday.
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BUSINESS
March 18, 2005 | Meg James, Times Staff Writer
Rupert Murdoch on Thursday tapped his longtime go-to guy, David Hill, to become president of the newly created DirecTV Entertainment group, with a goal of jazzing up the satellite television giant's offerings. One of sports' most influential executives, Hill will remain chairman of the Fox Sports Television Group but will give up day-to-day management duties. News Corp. owns Fox and is DirecTV's largest shareholder. The 58-year-old Hill will join El Segundo-based DirecTV Group Inc.
BUSINESS
March 8, 2005 | Sallie Hofmeister, Times Staff Writer
The president of DirecTV abruptly resigned Monday, a little more than a year after he was handpicked for the job by News Corp. Chairman Rupert Murdoch in the wake of his takeover of the satellite TV leader. DirecTV executives said no replacement would be named for Mitchell Stern, who had been commuting weekly between New York and the company's El Segundo headquarters. Instead, sources said, the company would be run by DirecTV Group Inc. Chief Executive Chase Carey and two other News Corp.
BUSINESS
February 10, 2005 | From Bloomberg News
DirecTV Group Inc., the largest U.S. satellite television operator, said the Securities and Exchange Commission wouldn't require a change in how it accounted for a write-down and businesses the company bought and sold last year. DirecTV, which is majority owned by News Corp., in January said the SEC wanted details on how it accounted for transactions involving Pegasus Communications Corp., the National Rural Telecommunications Cooperative and Thomson in the second quarter.
BUSINESS
January 28, 2005 | From Associated Press
DirecTV Group Inc. reported Thursday a $283-million fourth-quarter loss as the operator of the nation's biggest satellite TV service added a record number of subscribers at a higher cost. DirecTV, which is majority owned by News Corp., also said that because of that higher cost, it intended to raise rates an average of 4% per customer in March.
BUSINESS
November 3, 2004 | From Times Wire Services
DirecTV Group Inc. reported a significantly larger third- quarter net loss after writing down the value of two satellites that will be switched to transmit TV signals rather than provide Internet access. The El Segundo-based company reported a net loss of $1.01 billion, or 73 cents a share, in the three months ended Sept. 30, compared with a loss of $23 million, or 2 cents, a year earlier. Revenue increased 20% to $2.86 billion from $2.38 billion in the same quarter last year.
BUSINESS
August 3, 2004 | From Reuters
DirecTV Group Inc. plans to buy the satellite television assets of Pegasus Communications Corp. and settle a legal squabble for $938 million, the companies said Monday. The companies have bickered in and out of court for the last five years over the length of Pegasus' resellers contract. The deal brings a resolution to years of feuding. It also lets News Corp.-controlled DirecTV quickly apply triage to Pegasus' under-performing rural markets.
BUSINESS
July 30, 2004 | Sallie Hofmeister
NBC Universal signed its first major pay-TV distribution deal since completing the $14-billion merger this spring of the broadcast giant with the Hollywood studio, theme park and cable programming company. News Corp.'s DirecTV satellite unit has agreed to continue carrying USA Network and the Sci Fi channel, while also getting the rights to carry the Bravo channel and NBC's Summer Olympics programming in high-definition.
BUSINESS
July 28, 2004 | From Bloomberg News
Grupo Televisa, the world's largest Spanish-language broadcaster, said Tuesday that it was seeking to acquire DirecTV Group Inc.'s subscribers in Mexico to become the country's only provider for satellite television service. "We would like to buy DirecTV's subscribers in Mexico but not the whole company," said Alfonso de Angoitia, Televisa's executive vice president, during a second-quarter conference call. "Hopefully, that will be during 2004, but I cannot comment on specific negotiations."
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