LIN Media: Channel 12 Owners OK Stock Deal

LIN Media: Channel 12 Owners OK Stock Deal

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 EBLAST

Media 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