News Corp buys back $5bn of its shares amidst ongoing pressure
Troubled media giant News Corporation has announced plans to buyback $5bn (€3.6bn) of its shares in a bid to boost investor confidence and at a time when the shares are cheap.
News of the buyback gave beleaguered shares a bit of a lift but they are well off double-digit trading before scandal hit the Rupert Murdoch-led group
The company has been battered by scandal after it emerged that tabloid News of the World accessed the mobile-phone voice mails of politicians, celebrities and crime victims.
It closed down News of the World on Sunday in a bid to quell criticism.
"This program increases the approximately $1.8bn remaining under the company's current [stock buyback] program to $5 billion," News Corporation said in a brief statement.
The company plans to buy the $5bn of class A common stock and class B common stock "from time to time over the next 12 months."