Viacom to Buy Back $500 Million in Shares
Entertainment company Viacom Inc. said it will repurchase as much as $500 million of its stock as Chairman Sumner Redstone tries to boost the company’s share price.
Viacom said the buyback, which will begin immediately, will involve purchases from “time to time” of Viacom common shares. It will be financed through working capital.
The buyback follows an August announcement that Viacom would repurchase as much as $1.75 billion in stock, involving either its widely traded Class B shares or its Class A shares.
Viacom shares fell 63 cents to close at $80.88 on the American Stock Exchange.
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