El Segundo, Mar 17: Hughes Electronics Corporation has changed its name to The DirecTV Group Incorporation to better reflect its main business running the DirecTV satellite television service.

The company has also changed its ticker symbol on the New York Stock Exchange to DTV, effective from today. Its Web site is also changing to reflect the new name. The name change is expected to be the first among many in the coming months now that the company is controlled by Rupert Murdoch's News Corporation. News Corporation purchased a 34 per cent interest in the company from General Motors last year. "The future of this company is centered on DirecTV and DirecTV will drive both our strategy and shareholder value going forward," chief executive Chase Carey said in a statement.

The company operates a satellite television service with 12.2 million subscribers and sells set-top boxes and other equipment. It also operates DirecTV Latin America and PanAmSat.

Company shares gained 31 cents to close at $15.69 on Monday on the New York Stock Exchange.

Bureau Report