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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."