There is a fear that cable will move to the internet (netflix, hulu, et. al.) and leave the cable companies out in the cold. Unlikely; but that is what is keeping the valuation low. Combine low valuations with the stock buyback, and share price can grow a lot if most people don't end up cutting the cord.
You say there is fear that people will move to the internet. The company is buying and has been buying all the shares they can. Buffet's Berkshire Hathaway bought around $1B over the last 12 months. This company is the Mercedes/BMW brand of sports delivery into the home. The internet is not going to take away sports because the teams that play sports are getting hundreds of millions of dollars each every year. This company is the leader in Latin America where only 25% market penetration exists for cable and satellite. Take my word for it Buffet's team is right 90% of the time. This company will be earning $5 per share in 12-18 months. Run a P/E number on that amount of earnings.
Berkshire Hathaway owns about 5% of DTV. That is all you have to know. They do not buy unless they are going to make double digit returns on investment every year. Look at their history. If Warren Buffet's company wants to own DTV enough said. BUY!