1234308--3/10/2006--DIRECTV_HOLDINGS_LLC

related topics
{capital, credit, financial}
{product, market, service}
{competitive, industry, competition}
{property, intellectual, protect}
{loss, insurance, financial}
{product, candidate, development}
{financial, litigation, operation}
{control, financial, internal}
{cost, operation, labor}
We may not sustain profitability. We compete with other MVPDs, some of whom have greater resources than we do and levels of competition are increasing. We depend on the Communications Act for access to cable-affiliated programming and changes impacting that access could materially adversely affect us. Carriage requirements may negatively affect our ability to deliver local broadcast stations, as well as other aspects of our business. We depend on others to produce programming and programming costs are increasing. Our subscriber acquisition costs could materially increase. Increased subscriber churn or subscriber upgrade and retention costs could materially adversely affect our financial performance. Satellite programming signals have been stolen and may be stolen in the future, which could result in lost revenues and would cause us to incur incremental operating costs that do not result in subscriber acquisition. Construction or launch delays on satellites could materially adversely affect our revenues and earnings. Our satellites are subject to significant launch and operational risks. The cost of commercial insurance coverage on our satellites or the loss of a satellite that is not insured could materially adversely affect our earnings. Our ability to keep pace with technological developments is uncertain. Our business relies on intellectual property, some of which is owned by third parties, and we may inadvertently infringe patents and proprietary rights of others. The ability to maintain FCC licenses and other regulatory approvals is critical to our business. We may face other risks described from time to time in periodic reports filed by us with the SEC.

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