LIN Media: Channel 12 Owners OK Stock Deal
Tuesday, November 08, 2011
LIN Media which owns Channel 12 and Fox here in Providence announced today that the company’s Board Of Directors has approved a stock re-purchase program.
So what does this mean?
A stock re-purchase program is when a company buys back its own shares of stock from the marketplace. This in turn means the number of outstanding shares gets reduced. According to financial experts, a stock re-purchase usually means the company’s management thinks the shares of stock are undervalued. LIN Media has not given a reason for this specific re-purchase program.
LIN Media is now authorized to repurchase up to $25-million of its class A common stock over the next 12 months. Along with the Providence properties, LIN owns, operates or services 32-network affiliated broadcast television stations and other forms of media. The stock closed up today by about $0.15 cents at $3.43 per share. The stock has a 52-week high of $6.56 per share.
Other local media stocks:
AH Belo, the Dallas-based owner of the Providence Journal, $4.78 per share, down from a 52-week high of $9.33
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTMedia General, the Virginia-based owner of WJAR 10, $3.50 per share, down from a 52-week high of $7.73
Cumulus, recently acquired Citadel (WPRO, WPRO AM, LITE 105, HOT 106), $2.90 per share, down from a 52-week high of $5.78
