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EL SEGUNDO, Calif.--March 7, 2005--The DIRECTV Group, Inc. (NYSE:DTV) has announced that it received notice today that the underwriters have exercised an option to purchase 2,077,800 shares of the common stock of the Company from the General Motors Special Hourly Employees Pension Trust, the General Motors Special Salaried Employees Pension Trust and the Sub-Trust of the General Motors Welfare Benefit Trust in connection with the previously announced secondary offering of its common stock by the selling stockholders. The exercised amount is out of a total option granted of 5,500,000 additional shares held by the selling stockholders. The DIRECTV Group will not receive any of the proceeds from the sale of shares in the offering.
In connection with the offering, Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated served as joint book running managers, with Citigroup Global Markets Inc., Credit Suisse First Boston LLC and J.P. Morgan Securities Inc. acting as co-managers.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
A copy of the prospectus relating to these securities may be obtained, when available, from Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004, (212-902-1171), Attn: Prospectus Department or from Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, New York 10036, (212-761-6775).
The DIRECTV Group, Inc. is a world-leading provider of digital multichannel television entertainment, broadband satellite networks and services. The DIRECTV Group is 34 percent owned by Fox Entertainment Group, which is approximately 82 percent owned by News Corporation.
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. There can be no assurance that our beliefs or expectations will be achieved.
CONTACT: The DIRECTV Group, Inc.
Bob Marsocci, 310-726-4656
SOURCE: The DIRECTV Group, Inc.