DirecTV CFO discusses M&A strategy

Patrick Doyle gives verbal support to CEO Michael White

NEW YORK -- Satellite TV giant DirecTV sees some value in vertical integration, but most content companies are going for too high a premium, CFO Patrick Doyle said Tuesday.

Speaking at Citi's 20th annual Global Entertainment, Media & Telecommunications Conference in San Francisco, Doyle was asked about his firm's M&A strategy in the face of cable giant Comcast's recent deal to acquire a majority stake in entertainment company NBC Universal.

"There is certainly some value" in combining content and distribution, he said in the session, which was webcasted. He touted DirecTV's recent combination with Liberty Entertainment as giving the firm key content assets.

Signaling potential interest in smaller content deals in such areas as sports, Doyle said most content businesses are too expensive, making it hard to justify acquisitions.

Asked about new DirecTV CEO Michael White, Doyle said "he is clearly very strong on the operational side" and also touted his longer-term vision.

White just started full-time work this week.
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