The DirecTV Group
From Wikipedia, the free encyclopedia
 |
This article needs additional citations for verification. Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (May 2009) |
| Type | Public (NASDAQ: DTV) |
|---|---|
| Founded | 1994 |
| Headquarters | El Segundo, California |
| Key people | John Malone, Chairman |
| Industry | Telecommunication |
| Products | Direct broadcast satellite |
| Revenue | ▲US$ 17.25 billion (2008) |
| Net income | ▲US$ 1.45 billion (2008) |
| Employees | 9,200 (2006) |
| Website | directv.com |
The DIRECTV Group, Inc. (NASDAQ: DTV), is an American direct broadcast satellite television company formerly known as Hughes Electronics.
Contents |
[edit] History
Hughes Electronics was formed in 1985 when Hughes Aircraft was sold by the Howard Hughes Medical Institute to GM for $ 5.2 billion. General Motors merged Hughes Aircraft with its Delco Electronics unit to form Hughes Electronics.
The group then consisted of: Delco Electronics Corporation, Hughes Aircraft Company, and Hughes Space & Communications Company.
Hughes Electronics founded DirecTV.
Hughes Electronics and PanAmSat agreed to merge their fixed satellite services into a new publicly held company, also called PanAmSat with Hughes Electronics as majority shareholder.
GM transferred Delco Electronics to its Delphi Automotive Systems business.
The aerospace and defense operations of Hughes Electronics (Hughes Aircraft) were merged with Raytheon. The remaining companies remained under the Hughes Electronics name and within GM.
Hughes Electronics Corporation sold its Hughes Space & Communications Company manufacturing business to Boeing, now renamed Boeing Satellite Development Center.
In December 2003, GM's interests in the remainder of the company, DirecTV, DirecTV Latin America, PanAmSat and Hughes Network Systems were sold to Rupert Murdoch's News Corporation. This group was renamed the DirecTV Group. News Corp. actually owned only 39% of DirecTV, however it was the largest single shareholder, and several DirecTV executives had strong links to News Corp.
PanAmSat was sold to Kohlberg Kravis Roberts & Co. in August.
SkyTerra Communications, Inc. completed its purchase of 100% controlling interest in Hughes Network Systems from the DirecTV Group in January.
In November 2006, News Corporation agreed to transfer its interest in DirecTV Group to John Malone's Liberty Media. In return it bought back Liberty's shares in News Corp., giving the Murdoch family tighter control of the latter firm.
On February 2008, after receiving FCC approval, Liberty completed its acquisition of News Corporation's stake in DirecTV. In return it bought back its shares of News Corp. However, Liberty was required by the FCC to sell its shares in either DirecTV's Puerto Rican operations or Liberty Global's cable provider in Puerto Rico. DirecTV Puerto Rico was accordingly placed in a trust twelve months later. [1]
On May 4, 2009, DirecTV Group Inc. said it would become a part of Liberty's entertainment unit, part of which would then be spun off as a separate company called DirecTV. Liberty would increase its share of DirecTV from 48 to 54 percent, with Malone and his family owning 24 percent.
The resulting company would own Game Show Networks, FUN Technologies and three regional sports networks that had been part of Liberty.[2]
[edit] See also
- Hughes Aircraft#Hughes Electronics Corporation for additional historical detail
[edit] Corporate divisions
- DirecTV - U.S Cable TV
- DirecTV Latin America
- SKY Latin America
- Sky Brasil (Brazil)
[edit] References
- ^ http://www.sec.gov/Archives/edgar/data/944868/000104746909001909/a2190991z10-k.htm, Retrieved on May 4, 2009.
- ^ Yao, Deborah (4 May 2009). "DirecTV, Liberty Media Detail Spinoff Plans". Associated Press. http://www.newsobserver.com/business/story/1512847.html. Retrieved on 4 May 2009.
