DIRECTV Takes Sole Ownership of Latin American Operation

EL SEGUNDO, January 31: The DIRECTV Group has reached a deal
to acquire Darlene Investments’ 14.1 percent equity interest in DIRECTV Latin
America for $325 million in cash.

In addition to giving DIRECTV full equity ownership of
DIRECTV Latin America, the deal also resolves all pending disputes between
DIRECTV and Darlene, an affiliate of Venezuela’s Cisneros Group. In October
2004, Darlene filed suit against DIRECTV and its majority shareholder, News
Corp., alleging fraud and violation of fiduciary duties. The suit stemmed from
News Corp.’s move to consolidate its pay-TV platforms in Latin America through
a series of transactions with Grupo Televisa, Globo and Liberty Media.

DIRECTV Latin America services about 4 million customers in
Latin America.