Just last week LIN Media CEO Vince Sadusky noted that recent station M&A activity is “more affirmation that we’re an incredibly valuable group” – and worth more than the price Wall street is putting on its stock. Now the board of directors has taken action, authorizing a stock buyback.
Under the program, LIN Media is authorized to repurchase up to $25 million of its class A common stock over the next 12 months. The company said it expects the purchases to be made from time to time in the open market, in privately negotiated transactions or pursuant to a Rule 10b5-1 plan (which allows major holders to make predetermined stock sales without being subject to insider trading restrictions).
LIN’s stock jumped about 2% after the announcement Monday (11/7) morning, but is still about half of its 2011 peak back in April.