DirecTV Sells Stake to SkyTerra

News Corp.’s DirecTV Group Inc., the biggest U.S. satellite-television service, has sold a 50% stake in a new unit that includes its Hughes Network Systems business to SkyTerra Communications Inc. for about $251 million in cash.

For the stake, El Segundo-based DirecTV will also get 300,000 shares from SkyTerra, an affiliate of private equity firm Apollo Management, the companies said in a statement Monday.

The transaction values Germantown, Md.-based Hughes Network Systems, which sells satellite-networking services and equipment for credit card verification and video teleconferencing, at $360 million.

DirecTV Chief Executive Chase Carey said this year that the company was “evaluating what to do” with some of its businesses, including Hughes Network Systems.

DirecTV will include the Spaceway 3 satellite that Boeing Co. is building as part of the new business, SkyTerra said. Hughes Network plans to use the satellite to provide high-speed Internet access service to its North American customers.

Shares of DirecTV rose 9 cents to $15.74 on the New York Stock Exchange.

Shares of New York-based SkyTerra rose $2.25, or 14%, to $18.60 in over-the-counter trading.

DirecTV in September decided to use two other new Spaceway satellites to expand its high-definition TV programming instead of offering Internet access as the company tried to continue winning subscribers from cable TV operators.

DirecTV, which has about 12.1 million customers, has stopped providing services other than TV programming since News Corp. acquired a controlling stake from General Motors Corp. last year.