Along with my post yesterday on CBS (CBS/NYSE) announcing a stock buyback, I should have included the news that DirecTV Group (DTV/NYSE) is doing the same.
DirecTV plans on repurchasing up to $1 billion, which would be about 3.6% of outstanding shares based on yesterday's closing price. (The stock fell yesterday, along with almost everything else.) The company's $3 billion buyback announced last year has been completed.
As you know, control of DirecTV is passing from Rupert Murdoch to John Malone. Speculation is that Malone might sell the company to AT&T. I don't know what he has in mind, but I'm confident it will turn out well. This position has been a winner for the portfolio, even though it has been down a bit lately (even before Tuesday's global sell-off).
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