DirecTV OKs up to $1 billion buyback |
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Tue, 27 Feb 2007 20:00
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EL SEGUNDO, Calif. (AP) - Satellite television service provider DirecTV Group Inc. said Tuesday its board approved a buyback of up to $1 billion of its common stock.The repurchases will be made with available cash on hand.DirecTV recently completed a $3 billion buyback that was announced on Feb. 8, 2006.The company had total assets of about $15 billion, total annual revenue of approximately $15 billion and cash or cash equivalents of more than $2 billion as of Dec. 31, 2006.Shares of DirecTV fell 52 cents, or 2.3 percent, to $22.49 in afternoon trading on the New York Stock Exchange. The stock has been trading between $15.37 and $26.09 for the past 52 weeks.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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