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DirecTV Posts a Mixed Quarter

By Steve Birenberg

 About this article:
 For Birenberg's thoughts leading up to the DirecTV call, click here. When I first read the DirecTV press release, I was worried the stock would trade down. I saw the results as mixed with a few negatives offsetting plenty of positives. I sure was wrong. As the conference call concludes, the stock is up 6.1%. I think part of the gains relate to ongoing takeover speculation as DTV approaches the closing of its merger with Liberty Media Entertainment . Liberty owns 54% of DTV. The deal dramatically reduces Liberty's John Malone's influence and simplifies the corporate structure. It also sets up a spinoff of the rapidly growing DirecTV Latin America unit. That step is widely expected and makes DTV an easier and more attractive merger candidate for AT&T . AT&T exclusively sells DirecTV service in the telco channel and is already accounting for the bulk of DTV's...

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