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This excerpt taken from the DTV 10-K filed Mar 1, 2007. PanAmSat In 2004, we sold our approximately 80.4% interest in PanAmSat for approximately $2.64 billion in cash. The total loss on the sale of PanAmSat of $723.7 million, net of taxes, for the year ended December 31, 2004 includes direct costs associated with the transaction and our retention of certain tax liabilities of PanAmSat. Operating results of the discontinued operations of PanAmSat were as follows:
80 This excerpt taken from the DTV 10-K filed Mar 10, 2006. PanAmSat In 2004, we sold our approximately 80.4% interest in PanAmSat to an affiliate of Kohlberg Kravis Roberts & Co. L.P. for approximately $2.64 billion in cash. The total loss on the sale of PanAmSat of $723.7 million, net of taxes, for the year ended December 31, 2004 includes direct costs associated with the transaction and our retention of certain tax liabilities of PanAmSat. Operating results of the discontinued operations of PanAmSat were as follows:
This excerpt taken from the DTV 10-Q filed Nov 4, 2005. PanAmSat In 2004, we agreed to sell our approximately 80.4% interest in PanAmSat to an affiliate of Kohlberg Kravis Roberts & Co. L.P. ("KKR") for approximately $2.84 billion in cash. On August 3, 2004, due to the failure of one of PanAmSat's satellites, the purchase price was reduced by $200.0 million. During the third quarter of 2004, we recorded an additional loss on the sale of PanAmSat in the amount of $203.7 million, net of taxes, primarily due to the decrease in purchase price discussed above. The total loss on the sale of PanAmSat of $723.7 million, net of taxes, for the nine month period ended September 30, 2004 includes direct costs associated with the transaction and our retention of certain tax liabilities of PanAmSat. The transaction was completed and we received the $2.64 billion of cash proceeds on August 20, 2004. The operating results of PanAmSat, which we include in discontinued operations, were as follows:
Other Discontinued Operations As discussed in more detail in Note 9, during the nine months ended September 30, 2005, we recorded a $31.3 million gain in "Income (loss) from discontinued operations, net of taxes" in our Consolidated Statements of Operations that resulted from a favorable tax settlement. 12 "Income (loss) from discontinued operations, net of taxes," as reported in our Consolidated Statements of Operations, is comprised of the following:
This excerpt taken from the DTV 10-Q filed Aug 5, 2005. PanAmSat On April 20, 2004, we and PanAmSat announced the signing of a definitive agreement that provided for the sale of our approximately 80.4% interest in PanAmSat to an affiliate of Kohlberg Kravis Roberts & Co. L.P. We recorded the expected loss on this transaction of $478.6 million, net of a tax benefit of $291.0 million, in the quarter ended March 31, 2004, as a charge to "Loss from discontinued operations, net of taxes" in our Consolidated Statements of Operations. The expected loss on this transaction increased during the second quarter of 2004 by $41.4 million, net of a tax benefit of $6.9 million, to $520.0 million as a result of an increase in the net book value of PanAmSat in excess of the sale price during the quarter. On August 20, 2004, we completed the sale and received approximately $2.64 billion in cash. 11 The operating results of PanAmSat, which we include in discontinued operations, were as follows:
Other Discontinued Operations As discussed in more detail in Note 8, during the second quarter of 2005, we recorded a $31.3 million gain in "Income (loss) from discontinued operations, net of taxes" in our Consolidated Statements of Operations that resulted from a favorable tax settlement. "Income (loss) from discontinued operations, net of taxes," as reported in our Consolidated Statements of Operations, is comprised of the following:
This excerpt taken from the DTV 10-Q filed May 5, 2005. PanAmSat On April 20, 2004, we and PanAmSat announced the signing of a definitive agreement that provided for the sale of our approximately 80.4% interest in PanAmSat to an affiliate of Kohlberg Kravis Roberts & Co. L.P. We recorded the expected loss on this transaction of $478.6 million, net of a tax benefit of $291.0 million, in the quarter ended March 31, 2004, as a charge to "Loss from discontinued operations, net of taxes" in the Consolidated Statements of Operations. On August 20, 2004, we completed the sale and received approximately $2.64 billion in cash. The operating results of PanAmSat, which we include in discontinued operations, were as follows:
This excerpt taken from the DTV 10-K filed Mar 1, 2005. PanAmSat
On August 20, 2004, we completed the sale of our approximately 80.4% interest in PanAmSat to an affiliate of Kohlberg Kravis Roberts & Co. L.P., or KKR, and received the sale proceeds of approximately $2.64 billion. The net loss on the sale of PanAmSat of $723.7 million, net of $354.4 million of taxes, for the year ended December 31, 2004 includes direct costs associated with the transaction and our retention of certain tax liabilities of PanAmSat.
72
THE DIRECTV GROUP, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (continued)
Operating results of the discontinued operations of PanAmSat are as follows:
The carrying amounts of major classes of assets and liabilities for the discontinued operations of PanAmSat were as follows:
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