DirecTV CEO: Goal Is For New CEO Announcement In Near Future
By Roger Cheng, Of DOW JONES NEWSWIRES
NEW YORK -(Dow Jones)- DirecTV Group Inc. (DTV) interim Chief Executive Larry
Hunter said the company has a goal of announcing a new CEO in the near future,
but he didn't provide a specific timeframe.
The company is also making progress on completing its merger with Liberty
Entertainment Inc., Hunter told analysts during a conference call on Thursday,
and expects it to close shortly after getting DirecTV shareholder approval.
Looking at the fourth quarter, Hunter said he expects customer turnover to be
higher than year-earlier levels. In the third-quarter, DirecTV posted an
increase in its turnover, or churn, rate. Hunter added he is seeing the other
video providers easing off promotional efforts in the recent weeks versus the
third quarter.
While the company didn't provide much of a forecast for next year, Hunter said
he expects average revenue per user to be higher in 2010 than this year, and is
planning on launching more services.
Chief Financial Officer Patrick Doyle said that even after the merger with
Liberty, he believes the company will continue its stock-buyback program. He
added he believes the stock is undervalued.
Doyle added he sees an opportunity to grow its business in the commercial
segments and buildings such as apartments and condominiums.
Hunter said that DirecTV is working extensively on the "TV Everywhere"
project, which puts online content behind a pay wall that cable and satellite TV
subscribers can access. Some form of the service will be rolled out next year,
he added.
-By Roger Cheng, Dow Jones Newswires; 212-416-2153; roger.cheng@dowjones.com
(END) Dow Jones Newswires
11-05-091525ET
Copyright (c) 2009 Dow Jones & Company, Inc.
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