DirecTV, the satellite channel owned by Rupert Murdoch, narrowed losses for the year at $283m, down on $310m a year ago.

However, reports that costs for winning new subscribers were rising, combined with higher churn, left the markets little choice but to reduce the value of the company by 3%.

The company continues to add over 400,000 customers per quarter, and now has nearly 14 million in total.