Share deal.Share Deal: DirecTV DirecTV (trademarked as "DIRECTV") is a direct broadcast satellite (DBS) service based in El Segundo, California, USA, that transmits digital satellite television and audio to households in the United States, the Caribbean and Latin America except for Mexico. Group Inc. said it agreed to buy back 100 million of its shares from General Motors Corp.'s pension funds for $1.55 billion, or $15.50 a share. After the buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may , GM pension funds will hold approximately 115 million shares of the El Segundo-based satellite television company's common stock, which represents less than 10 percent of the outstanding shares. DirecTV announced in February February: see month. that its board had authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: a share buyback program of up to $3 billion. GM acquired its stake in 2003 when DirecTV, then known as Hughes Electronics, was owned by the Detroit-based carmaker. |
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