Exhibit 99.1

DIRECTV Announces First Quarter 2011 Results

DIRECTV Nearly Doubles Net Additions with 611,000 in the Quarter

• DIRECTV Latin America sets all-time records for gross and net additions with 765,000 and 427,000, respectively, in the quarter.
• DIRECTV U.S. increases net additions 84% to 184,000 in the quarter.

DIRECTV Revenues Grow 13% to $6.32 Billion

• Increase driven by strong subscriber growth coupled with higher ARPU of 11.7% at DIRECTV Latin America and 3.9% at DIRECTV U.S.

Operating Profit before Depreciation and Amortization Increases 12% to $1.77 Billion and Operating Profit Grows 21% to $1.16 Billion

• Growth driven by DIRECTV Latin America’s 57% increase in operating profit before depreciation and amortization to $384 million and a 74% increase in operating profit to $219 million.

DIRECTV Diluted Earnings per Share Increases 44% to $0.85

EL SEGUNDO, Calif.--(BUSINESS WIRE)--May 5, 2011--DIRECTV (NASDAQ:DTV) today reported an increase in first quarter 2011 revenues of 13% to $6.32 billion, operating profit before depreciation and amortization¹ (OPBDA) of 12% to $1.77 billion and operating profit of 21% to $1.16 billion compared to last year’s first quarter. DIRECTV reported that first quarter net income increased 21% to $674 million and diluted earnings per share grew 44% to $0.85 compared with the same period last year.

“Building on the momentum of one of our best years ever, DIRECTV delivered another strong quarter of operating and financial results,” said Mike White, president and CEO of DIRECTV. “Record-setting subscriber growth in Latin America and robust customer gains in the U.S. culminated in a nearly two-fold increase in consolidated net additions to 611,000. These industry leading subscriber gains combined with DIRECTV Latin America’s 11.7% ARPU growth and margin expansion of 320 basis points, drove double-digit growth in consolidated revenues and operating profit before depreciation and amortization to 13% and 12%, respectively. In addition, the strength and stability of our cash flow continues to create significant value for our shareholders, as the continuation of our share repurchase program along with net income growth of 21% lifted diluted earnings per share by 44% to $0.85 in the quarter.”

DIRECTV’S OPERATIONAL REVIEW

First Quarter Review

DIRECTV’s first quarter revenues of $6.32 billion increased 13% over the same period last year principally due to strong subscriber and ARPU growth at DIRECTV U.S. and DIRECTV Latin America (DTVLA). Operating profit before depreciation and amortization increased 12% to $1.77 billion and operating profit grew 21% to $1.16 billion primarily due to the gross profit associated with higher revenues partially offset by higher subscriber acquisition costs at DIRECTV U.S. and DTVLA mostly related to higher gross additions. Operating profit was also favorably impacted by lower depreciation and amortization expense at DIRECTV U.S.

Net income attributable to DIRECTV increased 21% to $674 million and diluted earnings per share improved 44% to $0.85 compared with the first quarter of last year primarily due to higher operating profit, share repurchases made over the last twelve months as well as a $25 million pre-tax gain resulting from the sale of a 5% interest in Game Show Network, recorded in “Other, net” on the Consolidated Statements of Operations. These increases were partially offset by higher interest expense principally resulting from an increase in long-term debt. Also impacting the comparison was a $67 million pre-tax gain in the first quarter of 2010 related to the final settlement of the equity collars assumed in the Liberty transaction and a lower effective tax rate in 2011 resulting from previously unrecognized foreign tax credits recorded in the quarter.

Cash flow before interest and taxes² declined 16% to $899 million and free cash flow³ declined 35% to $665 million compared to the first quarter of 2010 as the higher OPBDA and a $43 million dividend payment from Sky Mexico were more than offset by higher uses of working capital due in part to increased inventory levels at DIRECTV U.S., as well as greater capital expenditures driven by the higher gross additions and increased demand for advanced set-top receivers. Free cash flow was also negatively impacted by the timing and amount of cash interest payments related to an increase in long-term debt, as well as higher cash tax payments.

Also during the quarter but not included in free cash flow, were cash paid for share repurchases of $1.41 billion and proceeds from the sale of a 5% interest in Game Show Network for $60 million. In addition, in March 2011, DIRECTV U.S. completed a $4.0 billion debt financing consisting of $1.5 billion in 3.50% Senior Notes due 2016, $1.5 billion in 5.0% Senior Notes due 2021 and $1.0 billion in 6.375% Senior Notes due 2041. DIRECTV also completed a tender offer in March 2011 for $341 million of 6.375% Senior Notes due 2015.

SEGMENT FINANCIAL REVIEW

DIRECTV U.S. Segment

First Quarter Review

In the quarter, DIRECTV U.S. revenues increased 8% to $5.15 billion primarily due to strong ARPU growth and the larger subscriber base. ARPU of $88.79 increased 3.9% due to price increases on programming packages and leased boxes, as well as higher advanced service fees. Net additions increased 84% to 184,000 principally due to higher gross additions partially offset by a slightly higher average monthly churn rate of 1.50%. DIRECTV U.S. ended the quarter with 19.41 million subscribers, an increase of 4% over the 18.66 million subscribers reported for the quarter ended March 31, 2010.

First quarter OPBDA increased 4% to $1.36 billion and operating profit increased 14% to $921 million primarily due to gross profit associated with higher revenue partially offset by higher subscriber acquisition costs related to the increase in gross subscriber additions and higher demand for advanced service equipment. Operating profit was also favorably impacted by the completion of amortization for subscriber-related intangible assets as well as lower depreciation expense associated with a reduction in set-top box capital expenditures over the last several years.

DIRECTV Latin America Segment

DIRECTV Latin America (DTVLA) owns approximately 93% of Sky Brazil, 41% of Sky Mexico and 100% of PanAmericana, which covers most of the remaining countries in the region. Sky Mexico, whose results are accounted for as an equity method investment and therefore are not consolidated by DTVLA, had approximately 3.31 million subscribers as of March 31, 2011 bringing the total subscribers in the region to 9.55 million.

First Quarter Review

DIRECTV Latin America gross additions increased 55% to an all-time record of 765,000 in the quarter largely due to increased demand from the middle market segment mainly in Brazil. The record gross additions and a decline in post-paid churn to 1.43% driven by lower churn in Brazil and Venezuela, resulted in record net additions of 427,000, nearly double last year’s first quarter results. Revenues for DTVLA increased 43% to $1.11 billion in the quarter principally due to strong subscriber growth and an 11.7% increase in ARPU. The increase in ARPU to $61.69 was mostly due to price increases and higher sales of HD and DVR services as favorable exchange rates in Brazil were mostly offset by unfavorable exchange rates in Argentina and Venezuela.

DIRECTV Latin America’s first quarter 2011 OPBDA increased 57% to $384 million and operating profit increased 74% to $219 million, primarily due to the gross profit associated with higher revenue partially offset by higher subscriber acquisition costs associated with the record gross additions. Also impacting operating profit were higher depreciation expenses mostly due to the increase in set-top boxes deployed related to the higher gross subscriber additions attained over the last year.

CONFERENCE CALL INFORMATION

A live webcast of DIRECTV’s first quarter 2011 earnings call will be available on the company’s website at www.directv.com/investor. The webcast will begin at 2:00 p.m. ET, today, May 5, 2011. Access to the earnings call is also available in the United States by dialing (888) 395-3241 and internationally by dialing (719) 457-2653. The conference ID number is 6031869. A replay of the call can be accessed by dialing 888-203-1112 in the U.S. and 719-457-0820 internationally. The Replay pass code is 6031869. The replay will be available from 3:30 p.m. PT, Thursday, May 5 through 9:59 p.m. PT, Thursday, May 12 and will also be archived on our website at www.directv.com/investor.

FOOTNOTES

(1) Operating profit before depreciation and amortization, which is a financial measure that is not determined in accordance with accounting principles generally accepted in the United States of America, or GAAP, should be used in conjunction with other GAAP financial measures and is not presented as an alternative measure of operating results, as determined in accordance with GAAP. Please see each of DIRECTV and DIRECTV Holdings LLC’s Annual Reports on Form 10-K for the year ended December 31, 2010 for further discussion of operating profit before depreciation and amortization. Operating profit before depreciation and amortization margin is calculated by dividing operating profit before depreciation and amortization by total revenues.

(2) Cash flow before interest and taxes, which is a financial measure that is not determined in accordance with GAAP, is calculated by deducting amounts under the captions “Cash paid for property and equipment”, “Cash paid for satellites”, “Cash paid for subscriber leased equipment – subscriber acquisitions” and “Cash paid for subscriber leased equipment – upgrade and retention” from “Net cash provided by operating activities” from the Consolidated Statements of Cash Flows and adding back net interest paid and “Cash paid for income taxes”. This financial measure should be used in conjunction with other GAAP financial measures and is not presented as an alternative measure of cash flows from operating activities, as determined in accordance with GAAP. DIRECTV and DIRECTV U.S. management use cash flow before interest and taxes to evaluate the cash generated by our current subscriber base, net of capital expenditures, and excluding the impact of interest and taxes, for the purpose of allocating resources to activities such as adding new subscribers, retaining and upgrading existing subscribers, for additional capital expenditures and as a measure of performance for incentive compensation purposes. DIRECTV and DIRECTV U.S. believe this measure is useful to investors, along with other GAAP measures (such as cash flows from operating and investing activities), to compare our operating performance to other communications, entertainment and media companies. We believe that investors also use current and projected cash flow before interest and taxes to determine the ability of our current and projected subscriber base to fund required and discretionary spending and to help determine the financial value of the company.

(3) Free cash flow, which is a financial measure that is not determined in accordance with GAAP, is calculated by deducting amounts under the captions “Cash paid for property and equipment”, “Cash paid for satellites”, “Cash paid for subscriber leased equipment – subscriber acquisitions”, and “Cash paid for subscriber leased equipment – upgrade and retention” from “Net cash provided by operating activities” from the Consolidated Statements of Cash Flows. This financial measure should be used in conjunction with other GAAP financial measures and is not presented as an alternative measure of cash flows from operating activities, as determined in accordance with GAAP. DIRECTV and DIRECTV U.S. management use free cash flow to evaluate the cash generated by our current subscriber base, net of capital expenditures, for the purpose of allocating resources to activities such as adding new subscribers, retaining and upgrading existing subscribers, for additional capital expenditures and as a measure of performance for incentive compensation purposes. DIRECTV and DIRECTV U.S. believe this measure is useful to investors, along with other GAAP measures (such as cash flows from operating and investing activities), to compare our operating performance to other communications, entertainment and media companies. We believe that investors also use current and projected free cash flow to determine the ability of our current and projected subscriber base to fund required and discretionary spending and to help determine the financial value of the company.

(4) DIRECTV Latin America subscriber data exclude subscribers of the Sky Mexico service.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

NOTE: This release may include or incorporate by reference certain statements that we believe are, or may be considered to be, “forward-looking statements” within the meaning of various provisions of the Securities Act of 1933 and of the Securities Exchange Act of 1934. These forward-looking statements generally can be identified by use of statements that include phrases such as “believe,” “expect,” “estimate,” “anticipate,” “intend,” “plan,” “project” or other similar words or phrases. Similarly, statements that describe our objectives, plans or goals also are forward-looking statements. All of these forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or from those expressed or implied by the relevant forward-looking statement. Such risks and uncertainties include, but are not limited to: economic conditions; product demand and market acceptance; ability to simplify aspects of our business model, improve customer service, create new and desirable programming content and interactive features, and achieve anticipated economies of scale; government and regulatory action; local political or economic developments in or affecting countries where we have operations, including political, economic and social uncertainties in many Latin American countries in which DTVLA operates; foreign currency exchange rates; currency exchange controls; ability to obtain export licenses; competition; the outcome of legal proceedings; reliance on key executives and the loss thereof; indemnification obligations; ability to achieve cost reductions; increasing subscriber acquisition costs and subscriber churn; ability of third parties to timely perform material contracts; an NFL labor dispute; ability to renew programming contracts under favorable terms; technological risk; potential intellectual property infringement; limitations on access to distribution channels; natural disasters; the success and timeliness of satellite launches; in-orbit performance of satellites, including technical anomalies; loss of uninsured satellites; theft of satellite programming signals; significant debt; and our ability to access capital to maintain our financial flexibility. These factors are also described in Item 1A of DIRECTV’s Form 10-K, quarterly reports filed on Form 10-Q and other SEC filings. We urge you to consider these factors carefully in evaluating the forward-looking statements.

DIRECTV (NASDAQ:DTV) is one of the world’s leading providers of digital television entertainment services. Through its subsidiaries and affiliated companies in the United States, Brazil, Mexico and other countries in Latin America, DIRECTV provides digital television service to more than 19.4 million customers in the United States and nearly 10 million customers in Latin America. DIRECTV sports and entertainment properties include three regional sports networks (Northwest, Rocky Mountain and Pittsburgh) as well as a 60 percent ownership interest in Game Show Network. For more information on DIRECTV, visit directv.com.

CONTACT:
DIRECTV
Media Contact: Darris Gringeri, (212) 205-0882
Investor Relations: (310) 964-0808