Deal Caps Liberty's Stake in DIRECTV
Also on Wednesday, DIRECTV said its board of directors approved an increase in its internal share repurchase program to $3 billion.
In addition, DIRECTV said it entered into an agreement with Liberty Media, which has a controlling stake in the satellite TV company, which limits Liberty's voting power in DIRECTV to its current ownership percentage of 47.9 percent, regardless of the number of shares DIRECTV buys through its repurchase program.
DIRECTV Group President and CEO Chase Carey said the company's relationship with Liberty has been smooth. "We are working together well. We are working together to move DIRECTV forward," he said.