Strong Growth for DirecTV driven by Latin America's Burgeoning Pay-TV Market

Strong Q211results released by DirecTV support BMI's view that the Latin American pay-TV market is a key growth area in the region. Performance in Latin America has mitigated the poor performance in the US, following a 72% increase in operating profits in the region, and 13% growth in revenues this quarter. The Brazilian government is beginning to rein-in rampant consumer spending. Therefore, there may be a slowdown in growth in H211. However, BMI expects DirecTV to continue to post strong results, although they may be slightly more muted than this quarter's good gains.

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