DOW JONES NEWSWIRES
DIRECTV Group Inc. (DTV) added the post of chairman to President
and Chief Executive Michael White's responsibilities after former
Chairman John Malone resigned.
The billionaire who controls Liberty Media Corp. (LINTA, LCAPA,
LSTZA) completed his previously announced agreement to exchange
21.8 million shares of DIRECTV Class B shares for 26.5 million
Class A shares, resulting in a reduction of his voting interest to
about 3% from about 24%. The company's Class B shares will be
eliminated.
As part of the deal, which was approved by the Federal
Communications Commission, Malone resigned as chairman and he, Paul
Gould and Gregory Maffei resigned as board members.
The FCC also said DIRECTV satisfied a condition relating to its
subsidiary in Puerto Rico, and DIRECTV Latin America will be
permitted to remove its Puerto Rican operations from a trust
established in 2009.
In addition, DIRECTV said Samuel DiPiazza Jr., global chief
executive of PricewaterhouseCoopers International Ltd. from 2002 to
2009, was elected as a board member, effective Thursday.
Its shares closed at $39.33 on Tuesday and were inactive after
hours.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
Kathy.Shwiff@dowjones.com