DIRECTV 2009 Annual Report Download - page 53

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DIRECTV
Share Repurchase Program
Since 2006 our Board of Directors has approved multiple authorizations for the repurchase of over
$13 billion of our Class A common stock, including $3.5 billion of authorized repurchases announced
on February 18, 2010. The authorizations allow us to repurchase our Class A common stock from time
to time through open market purchases and negotiated transactions or otherwise. The timing, nature
and amount of such transactions will depend on a variety of factors, including market conditions and
the program may be suspended, discontinued or accelerated at any time. The sources of funds for the
purchases is our existing cash on hand, cash from operations and potential additional borrowings.
Purchases are made on the open market, through block trades and other negotiated transactions.
Repurchased shares are retired but remain authorized for registration and issuance in the future.
All purchases were made in accordance with Rule 10b-18 of Securities Exchange Act of 1934. A
summary of the repurchase activity for the three months ended December 31, 2009 is as follows:
Total Number of Maximum Dollar
Shares Purchased Value that May
Total Number as Part of Publicly Yet Be Purchased
of Shares Average Price Announced Plans Under the Plans
Period Purchased Paid Per Share or Programs or Programs
(Amounts in Millions, Except Per Share Amounts)
October 1 - 31, 2009 ............... 1 $27.08 1 $304
November 1 - 30, 2009 ............. — — — 304
December 1 - 31, 2009 ............. — — — 304
Total .......................... 1 27.08 1 304
Share repurchases were suspended from October 20, 2009 until February 2010, during the
pendency of the vote on the Liberty Transaction and thereafter while the Collar Loan was repaid and
the associated equity collars were unwound.
For additional information regarding our share repurchases see Note 13 of the Notes to the
Consolidated Financial Statements in Part II, Item 8 of this Annual Report.
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