The DirecTV Group recently completed its $3 billion stock repurchase program announced in May 2008 and that its Board of Directors has approved the repurchase of up to an additional $2 billion of its common stock. Such repurchases may be made 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.
Since February 2006, DirecTV has repurchased approximately $8.2 billion of its common stock. As of Sept. 30, 2008, DirecTV had total assets of approximately $17.5 billion and cash or cash equivalents of approximately $3 billion, and for the nine-month period then ended, DirecTV had total revenues of approximately $14.4 billion.