55M DirecTV Shares Sold


DirecTV Group Inc. said Wednesday that 55 million shares of its common stock have been sold.

The direct-broadcast satellite provider did not receive any proceeds from the sale, which was conducted by the General Motors Special Hourly Employees Pension Trust, the General Motors Special Salaried Employees Pension Trust and the Sub-Trust of the General Motors Welfare Benefit Trust.

The selling stockholders have granted the underwriters the option to purchase up to an additional 5.5 million shares, which may be exercised within the 30-day period following Feb. 10, the date of the underwriting agreement.

Goldman, Sachs & Co. and Morgan Stanley Dean Witter & Co. served as joint book running managers, with Citigroup Global Markets Inc., Credit Suisse First Boston LLC and J.P. Morgan Securities Inc. acting as co-managers for the offering.