Exhibit 99.1

DIRECTV Announces First Quarter 2014 Results

DIRECTV Surpasses 38 Million Total Subscribers in the Quarter.

• Sky Brasil and PanAmericana add 361,000 net new customers in the quarter, bringing the DIRECTV Latin America and Sky Mexico combined subscriber total to over 18 million.

DIRECTV Adjusted OPBDA Increases 7% to $2.2 Billion; Reported OPBDA grows 1% to $1.9 Billion.

• DIRECTV U.S. improves OPBDA margin 110 basis points driving a 10% increase in OPBDA.

DIRECTV Free Cash Flow Increases 25% to $886 million.

DIRECTV's Adjusted Diluted EPS Improves 14% to $1.63; Reported Diluted EPS Decreases to $1.09.

• Adjusted EPS growth in part driven by stock repurchases of $895M in the first quarter.

EL SEGUNDO, Calif.--(BUSINESS WIRE)--May 6, 2014--DIRECTV (NASDAQ:DTV) today reported that first quarter 2014 revenues increased 4% to $7.86 billion, adjusted operating profit before depreciation and amortization¹ (OPBDA) increased 7% to $2.22 billion, adjusted operating profit increased 7% to $1.51 billion and adjusted diluted earnings per share improved 14% to $1.63 compared to last year’s first quarter. Adjusted financial results exclude a pre-tax (and after-tax) charge of $281 million in the first quarter of 2014 and a pre-tax charge of $166 million ($136 million after tax) in the first quarter of 2013, resulting from the revaluation of the net monetary assets of the company’s subsidiary in Venezuela. Reported OPBDA increased 1% to $1.94 billion, reported operating profit decreased to $1.23 billion and reported diluted earnings per share declined to $1.09 compared with the same period last year.

“Our first quarter results continue to demonstrate the strong execution of our operations,” said Mike White, president and CEO of DIRECTV. “In the U.S., operating profit before depreciation and amortization margin expanded year-over-year for the third consecutive quarter, highlighting our commitment to profitably grow our businesses through significantly improving the customer service experience, disciplined expense management and productivity initiatives. In Latin America, despite challenging macroeconomic headwinds, we continue to profitably expand our share of the growing pay TV market while delivering adjusted OPBDA margin of 30%. In addition, by leveraging the achievements of both DIRECTV U.S. and DIRECTV Latin America with the strength and stability of our cash flow, we continue to return cash to shareholders through stock repurchases at an industry leading clip.”

Venezuela Currency Update

In February 2013, the Venezuelan government announced a devaluation of the bolivar from the official exchange rate of 4.3 bolivars per U.S. dollar to an official rate of 6.3 bolivars per U.S. dollar. As a result of the devaluation, we recorded a pre-tax charge of $166 million ($136 million after tax) in the first quarter of 2013 related to the remeasurement of the bolivar denominated net monetary assets of our Venezuelan subsidiary as of the date of the devaluation. This charge is listed as “Venezuelan currency devaluation charge” in the Consolidated Statements of Operations.

In the first quarter of 2013, the Venezuelan government announced an additional currency exchange system, the Sistema Complementario de Administración de Divisas, or SICAD 1, intended to function as an auction system for participants to exchange bolivars for U.S. dollars. Effective January 24, 2014, the Venezuelan government announced that dividends and royalties would be subject to the SICAD 1 program. The SICAD 1 exchange rate, which was 10.7 bolivars per U.S. dollar as of March 31, 2014, is determined by periodic auctions.

We believe the SICAD 1 rate is the most representative rate to use for remeasurement, as the official rate of 6.3 bolivars per U.S. dollar will likely be reserved only for the settlement of U.S. dollar denominated obligations related to purchases of “essential goods and services,” and the equity of our Venezuelan subsidiary would be realized, if at all, through permitted dividends paid at the SICAD 1 rate. Therefore, as of March 31, 2014, we are remeasuring our Venezuelan subsidiary’s financial statements in U.S. dollars using the exchange rate determined by periodic auctions under SICAD 1, which was 10.7 bolivars per U.S. dollar. Until that date, we used the official exchange rate of 6.3 bolivars per U.S. dollar. As a result of the devaluation, we recorded a pre-tax (and after-tax) charge of $281 million in the first quarter of 2014 related to the remeasurement of the bolivar denominated net monetary assets of our Venezuelan subsidiary. This charge is listed as “Venezuelan currency devaluation charge” in the Consolidated Statements of Operations. Beginning in the second quarter of 2014, we expect to remeasure the results of the Venezuelan subsidiary at the weighted-average rate of SICAD 1 auctions during the reporting period, and remeasure the net monetary asset balance at the period-end rate based on the latest auction.

First Quarter Review

DIRECTV’s first quarter revenues of $7.86 billion increased 4% principally due to strong ARPU growth at DIRECTV U.S. First quarter 2014 adjusted OPBDA and adjusted operating profit increased 7% to $2.22 billion and $1.51 billion, respectively, while adjusted OPBDA margin and adjusted operating profit margin increased to 28.3% and 19.2%, respectively. The improvements in margin were primarily due to lower upgrade and retention costs and general and administrative expenses, partially offset by higher programming and other expenses at both DIRECTV U.S. and DTVLA. In addition, adjusted operating profit margin was negatively impacted by higher depreciation and amortization mostly at DTVLA primarily related to higher leased equipment and infrastructure capital expenditures, as well as higher churn in Brazil. Reported OPBDA increased 1% to $1.94 billion and reported operating profit decreased to $1.23 billion.

First quarter adjusted net income attributable to DIRECTV increased 2% to $842 million mainly due to the higher adjusted operating profit, partially offset by the impact of a higher effective tax rate primarily due to a benefit recorded for settlements with state taxing authorities in the first quarter of 2013. Adjusted diluted earnings per share grew 14% to $1.63 in the quarter due to the higher adjusted net income attributable to DIRECTV and the impact of share repurchases made over the last twelve months. Reported net income attributable to DIRECTV declined to $561 million and reported diluted earnings per share decreased to $1.09 compared to last year’s first quarter.

Cash flow before interest and taxes² increased 16% to $1.29 billion and free cash flow³ increased 25% to $886 million compared to the first quarter of 2013 primarily due to a reduction in cash paid for leased equipment at DIRECTV U.S. and DTVLA related to declining set-top box costs and lower subscriber gross additions, along with the higher OPBDA, partially offset by growth in cash used for working capital at DIRECTV U.S. driven by the timing of vendor payments. Also during the quarter but not included in free cash flow was cash paid for share repurchases of $895 million, a March 2014 debt issuance by DIRECTV U.S. of $1,250 million principal amount of 4.45% senior notes due in 2024 and a $316 million reduction in DIRECTV’s cash balance resulting from the remeasurement of the bolivar denominated cash balance in Venezuela.

First Quarter Review

In the quarter, DIRECTV U.S. revenues increased 5% to $6.09 billion compared with the first quarter of 2013 primarily due to strong ARPU growth along with a larger subscriber base. DIRECTV U.S. net subscriber additions of 12,000 were lower than the prior year period primarily due to a higher number of subscriber disconnections associated with the larger subscriber base. Gross additions of 891,000 and the average monthly churn rate of 1.45% were relatively unchanged from the prior quarter. ARPU increased 4.3% to $100.16 mostly due to higher advanced receiver service fees, price increases on programming packages, higher fees for a new enhanced warranty program, as well as increased ad sales and commercial business revenues. These improvements were partially offset by increased promotional offers to new and existing customers. DIRECTV U.S. ended the quarter with 20.27 million subscribers.

First quarter OPBDA increased 10% to $1.67 billion and OPBDA margin improved from 26.3% to 27.4% principally due to the higher revenues combined with lower upgrade and retention expenses mostly related to reduced equipment costs, partially offset by higher programming costs primarily related to programming supplier rate increases. Operating profit increased 11% to $1,243 million and operating profit margin increased from 19.3% to 20.4% in the first quarter mainly due to the higher OPBDA and OPBDA margin.

DIRECTV Latin America owns approximately 93% of Sky Brasil, 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 6.15 million subscribers as of March 31, 2014, bringing the total subscribers in the region to 18.08 million.

First Quarter Review

Excluding changes in foreign exchange rates, Sky Brasil’s first quarter revenues grew 15% versus prior year driven by a 6% increase in the average number of subscribers and a 9% increase in local currency ARPU. The increase in local currency ARPU was principally due to reduced promotional offers and growth in advanced services. When factoring in unfavorable changes in foreign exchange rates, Sky Brasil’s ARPU declined 7.8% to $57.67 and revenues decreased to $939 million compared to the first quarter of 2013.

First quarter net subscriber additions of 109,000 were lower than the prior year as slightly higher gross additions were more than offset by higher churn. The increase in gross additions was primarily driven by higher advanced product sales. Churn increased due to a combination of factors including the curtailment of credits, a higher mix of mass market subscribers and a more challenging economic and competitive environment.

Also in the first quarter, Sky Brasil OPBDA remained unchanged at $311 million while OPBDA margin improved from 32.2% to 33.1%. The margin improvement was primarily due to the increase in local currency ARPU, partially offset by higher relative growth in subscriber services expenses primarily driven by customer service improvement initiatives. Operating profit decreased to $148 million and operating profit margin was unchanged at 16% as the higher OPBDA margin was offset by higher depreciation and amortization resulting from increased leased equipment and infrastructure capital expenditures, as well as the higher subscriber churn.

First Quarter Review

Excluding changes in foreign exchange rates, first quarter revenues in the PanAmericana and Other segment grew 28% versus prior year driven by a 15% increase in the average number of subscribers and an 11% increase in local currency ARPU. The increase in local currency ARPU was principally due to price increases and growth in advanced services, partially offset by the higher penetration of lower ARPU mass market subscribers. When factoring in changes in foreign exchange rates, most notably in Argentina and Venezuela, ARPU decreased 11.4% to $41.23 and revenues increased 2% to $782 million compared to the first quarter of 2013.

First quarter subscriber net additions of 252,000 were lower than the prior year period due to a decline in gross additions and the impact of a higher number of subscriber disconnections associated with the larger subscriber base. Gross additions decreased principally due to lower imports of set-top boxes for new customers in Venezuela, as well as lower subscriber additions in Argentina and Colombia associated with additional sales filters and more challenging economic and competitive conditions. Average monthly total subscriber churn rates remained relatively unchanged in the quarter.

Also in the first quarter, adjusted OPBDA and adjusted OPBDA margin in the PanAmericana and Other segment decreased to $229 million and 29.3%, respectively. The declines were primarily due to the impact of inflation and the timing of price increases in Venezuela, as well as the settlement of a performance rights fee dispute in Argentina. In addition, adjusted operating profit decreased to $107 million and adjusted operating profit margin declined to 13.7% due to the impact of higher depreciation and amortization resulting from increased leased equipment and infrastructure capital expenditures. Reported OPBDA and reported operating profit decreased to losses of $52 million and $174 million, respectively.

CONFERENCE CALL INFORMATION

A live webcast of DIRECTV’s first quarter 2014 earnings call will be available on the company’s website at investor.directv.com. The webcast will begin at 2:00 p.m. ET, today May 6, 2014. Access to the earnings call is also available in the United States by dialing 888-601-3869 and internationally by dialing 913-312-1487. The conference ID number is 7987201. 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 7987201. The replay will be available from 3:00 p.m. PT Tuesday, May 6, through 3:00 p.m. PT Tuesday, May 13, and will also be archived on our website at investor.directv.com.

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 DIRECTV’s Annual Report on Form 10-K for the year ended December 31, 2013 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 management uses 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. We 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 management uses 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. We 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. In addition, DTVLA gross and net additions exclude 1,000 video subscribers acquired in transactions in Brazil during the three months ended March 31, 2013. DTVLA cumulative subscriber counts include these acquired customers.

(5) Based on the results of an internal investigation, DTVLA determined that, beginning in 2012, certain employees of Sky Brasil directed activities which were inconsistent with Sky Brasil’s authorized policies for subscriber retention and churn management. These activities had the effect of artificially reducing churn and increasing the Sky Brasil subscriber base during portions of 2012 and the first quarter of 2013. See DIRECTV’s Current Report on Form 8-K filed with the SEC on June 27, 2013 for further details. Prior year results for subscribers, churn and ARPU have not been adjusted for the findings of this investigation.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

NOTE: This presentation 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 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: increased competition; increasing programming costs and our ability to renew programming contracts under favorable terms; increased subscriber churn or subscriber upgrade and retention costs; potential material increase in subscriber acquisition costs; general economic conditions; risks associated with doing business internationally, which for DIRECTV Latin America include political and economic instability and foreign currency exchange rate volatility and controls; pace of technological development; potential intellectual property infringement; loss of key personnel; satellite construction or launch delays; satellite launch and operational risks; loss of a satellite; theft of satellite programming signals; U.S. and foreign governmental and regulatory action; ability to maintain licenses and regulatory approvals; significant debt; indemnification obligations; reliance on network and information systems; and the outcome of legal proceedings. We may face other risks described from time to time in periodic reports filed by us with the U.S. Securities and Exchange Commission.

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 over 20 million customers in the United States and over 18 million customers in Latin America. DIRECTV sports and entertainment properties include two regional sports networks (Rocky Mountain and Pittsburgh) and minority ownership interests in Root Sports Northwest and Game Show Network. For more information on DIRECTV, visit directv.com.

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