DirecTV Group Inc. on Thursday said that charges related to its merger with Liberty Media properties led to a loss in the fourth quarter.

The El Segundo satellite TV provider reported a net loss of $32 million (3 cents per share), compared with a profit of $332 million (32 cents) a year ago. Revenue rose nearly 13 percent to $5.98 billion.

Excluding a pre-tax charge of $491 million related to the Nov. 19 merger with Liberty Entertainment, the company would have reported a 37 percent increase in net income to $454 million (48 cents).

Analysts surveyed by Thomson Reuters on averaged expected adjusted per-share profit of 40 cents on revenue of $5.92 billion.

The largest U.S. satellite TV operator said it enrolled 60 percent fewer new subscribers than a year ago and blamed the decline on a combination of the poor economy and increased competition in the form of discount packages offered by other satellite companies. DirecTV has worked to retain a more affluent and stable subscriber base that its rival satellite companies.

Its customers paid more per month during the quarter. Their average monthly bill rising 2 percent to $92.36 due to price increases and orders of premium HD, DVR and the NFL packages.

“Our 119,000 net subscriber additions and higher subscriber acquisition costs in the quarter reflect tighter credit policies, increased competition and a generally cautious consumer seeking value in what continues to be a sluggish economy,” said Chief Executive Mike White in a press release.

The company also announced a new $3.5 billion stock buyback program.

Shares were up $1.25, or 40 percent, to $32.90 in midday trading on the Nasdaq.