BSkyB is set to return £750m to shareholders in share buybacks, in a bid to compensate investors after News Corp was forced to abandon acquisition plans for the broadcasting company.
The buyback was announced in the group's full-year results this morning, which stated the move will not result in its 39% stake in News Corp increasing. The firm has also raised its divided by 20% to 23.28p in an attempt to appease investors. The firm's share price has tumbled 16% since allegations surfaced on 4 July that News of the World employees intercepted murder victim Milly Dowler's voicemails. Just over £15m of costs were incurred over the failed takeover bid. In early trading investors have reacted positively to the news, with BSkyB's share price up 0.91% or 6.5 points to ...
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