News Corporation has moved to shore up its share price with a $5bn stock repurchase programme.
News Corp will buy back a further $3.2bn worth of shares on top of its plans to repurchase stock worth $1.8bn as part of an existing scheme. The company has seen its share price fall by 14% over the past week as investors fretted over the phone hacking scandal that has engulfed Rupert Murdoch's business and threatened its bid to take full control of BSkyB. News Corp's share price was up 1% in early US trading, at 15.63p a share, following the repurchase announcement. The media conglomerate withdrew its proposed undertakings in relation to the BSkyB bid earlier this week, while UK c...
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