Liberty Media May Be Selling DirecTV As They Select Former Pepsi CEO To Run The Company
DirecTV Group Inc. (NASDAQ:DTV) has appointed Michael White as their new CEO. White previously worked at PepsiCo (NYSE:PEP) as the Vice Chairman. Interestingly White does not have much experience in the food and beverage industry so that makes the decision quite interesting for DirecTV. There is speculation that he will act as a “baby-sitter” for DirecTV until a take-over happens. AT&T and Verizon are both potential candidates for buying out DirecTV since they both partner with the satellite TV company.
DirecTV has 18 million subscribers and the company launched in 1994. The company is currently owned by The DirecTV Group which is a division of Liberty Media.
White will be taking the CEO position on January 1 and will be replacing Chase Carey. Carey will be leaving to join News Corp. as the COO and President. Shareholders and the DirecTV management team are currently discussing whether to spin off Liberty Media’s entertainment assets into a separate company. DirecTV used to be owned by News Corporation, but Liberty Media exchanged 16.3% of their stake in News Corp. and $625 million in exchange for DirecTV and three sports networks.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry