News Corp. Trying to Ease Investor Fears
Company announces big stock repurchase
The ongoing phone hacking scandal has dealt a serious blow to investor confidence in News Corp. Now the company is trying to build that confidence back up. On Tuesday, the media conglomerate announced that it plans to buy back $5 billion in class A and B common shares in the next year. The News Corp. board approved the move.
Prior to the board’s approval, $1.8 billion remained under the company’s existing stock repurchase program. The new program will increase that figure by over $3 billion.
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