The Securities and Exchange Commission is reviewing several transactions made in 2004 by DirecTV Group, and the findings could affect how the company accounts for the deals.

The investigation, revealed late Friday in an SEC filing, zeroes in on transactions made last year when DirecTV acquired subscribers owned by members of the National Rural Telecommunications Cooperative and others owned by Pegasus Communications. The agency is also reviewing DirecTV’s sale of a set-top box manufacturing operation to Thomson for $250 million and a $1.47 billion writedown of its Spaceway assets in the 2004 third quarter.

The company described the probe as part of a registration statement filed to permit several General Motors pension funds to sell around 110 million shares of DirecTV stock.

DirecTV officials made clear the investigation is part of a normal review process and that the agency is not challenging how the company accounted for the transactions. But they warned that they could be forced to change how they account for those transactions, which could negatively affect future results.