DIRECTV Increases SKY Brasil Ownership Stake

DIRECTV DTV through its DIRECTV Latin America subsidiary, has completed a $604.8 million cash for stock transaction with Globo Comunicação e Participações S.A., or Globo, bringing DIRECTV's ownership of SKY Brasil to approximately 93 percent. Globo owns the remaining 7 percent. DIRECTV, which had a 74 percent stake in SKY Brasil, acquired 178,830,000 shares, or 18.9 percent of SKY Brasil, from Globo and its affiliates, paying in cash from existing cash balances. Globo will continue to provide its programming to SKY under pre-existing agreements.