DTV trading on NYSE, future lies in brand product
Reflecting its core focus on satellite TV, News Corp. has changed the name of recently acquired Hughes Electronics Corp. to the DirecTV Group.The El Segundo, Calif.-based satellite company and parent company of DBS operator DirecTV will trade under the ticker symbol DTV on the New York Stock Exchange as of today. Prexy and CEO Chase Carey said the name change reflects the fact “the future of this company is centered on DirecTV… which will drive both our strategy and shareholder value going forward.” Satcaster claims just over 12.2 million subscribers in the U.S. “The DirecTV name and brand resonates with consumers and this name change reaffirms and reinforces that our future lies with this business,” Carey said. Company is weighing offers for PanAmSat, Hughes’ satellite operating group, and is rationalizing its Latin American businesses. News Corp. took control of the company when it bought 34% of Hughes’ common stock in December.