DirecTV OKs stock buyback

DirecTV Group Inc., the largest U.S. satellite-television provider, said its board approved the repurchase of as much as $1 billion of common stock.

The buyback would represent as many as 50.8 million shares, or about 4.4% of DirecTV’s outstanding stock, based on the company’s $19.67 closing price Friday. The El Segundo company said it had repurchased about $5 billion of stock since February 2006.

DirecTV had about 1.16 billion shares outstanding as of Nov. 2. Liberty Media Corp., controlled by cable billionaire John Malone, is awaiting regulatory approval to acquire a 39% stake in the company from News Corp.