SkyTerra Communications Acquires Remaining Interest in Hughes Network Systems LLC from The DIRECTV Group.EL SEGUNDO, Calif. -- The DIRECTV Group, Inc. (NYSE NYSE See: New York Stock Exchange :DTV (Digital TeleVision) Transmitting TV using digital signals. The major DTV standards are ATSC (North America), DVB (Europe) and ISDB (Japan). All three use MPEG-2 video compression and Dolby Digital audio compression. DVB and ISDB also include MPEG audio compression. ) today announced that it has completed the sale of its remaining 50 percent interest in Hughes Network Systems Hughes Network Systems, LLC (HNS), is a provider of broadband satellite network products for businesses and consumers. HNS pioneered the development of high-speed satellite Internet access services and IP-based networks with its original DirecPC service but which it now markets , LLC (HNS) to Hughes Communications, Inc., a subsidiary of SkyTerra Communications, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :SKYT), an affiliate of Apollo Management, L.P., a New York-based private equity firm, for $100 million in cash. In addition, HNS paid DIRECTV $10 million at closing to resolve certain post-closing adjustments related to the initial purchase by SkyTerra of its interest in HNS. DIRECTV (NYSE:DTV) is a world-leading provider of digital multichannel television entertainment. DIRECTV Group is approximately 34 percent owned by News Corporation. |
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