Latest from Next TV in Stock-repurchase

MSG Networks Boosts Buyback

Mike Farrell — Fri, 30 Aug 2019 14:06:58 +0000

About a week after its stock dropped precipitously after revealing it lost about 6.5% of its subscriber base in Q2 -- nearly double the rate of its peers -- MSG Networks said it will increase its stock buyback by about $300 million, a move some analysts say reiterates the company’s confidence in its stock.

The buyback announcement comes days after MSG Networks shares fell as much as 14% on Aug. 21 to $14.46 each after the company said its subscriber base decreased by 6.5% in fiscal Q4, resulting in a $3.3 million decline in affiliate fees in the period. The stock has continued its slide at a slower pace in subsequent trading --it closed at $14.15 on Aug. 29 -- but regained most of those losses in early trading Friday.

In a statement after the stock market close on Aug. 29, MSG said that the company had about $136 million remaining in its repurchase program, and the increase pushed the total available authorization to $436 million. MSG Networks added that it planned a “modified Dutch auction” to purchase up to $250 million of its outstanding Class A common stock at a price not less than $15 per share and not more than $17.50 per share on Aug. 30. That news sent the shares skyward on Friday, with the stock priced at $16.27 each (up $1.95 or 13.6%) in early trading.

In a research note, Evercore ISI Group media analyst David Joyce wrote that the Dutch auction “is a clear sign of Board and management confidence, amidst a subscriber-challenged environment.”

The size and timing of stock purchases will be determined based on market conditions and other factors, the company said. The repurchase program is expected to be executed over time and will include shares purchased in the Dutch auction.

“MSG Networks has a strong balance sheet and generates robust free cash flow, which we will use to execute a stock repurchase program that provides us with flexibility to take advantage of market opportunities,” MSG Networks CEO Andrea Greenberg said in a press release. “We understand the media landscape is evolving, but remain confident in the long-term prospects for our business and our continued ability to create value for shareholders.”

Altice N.V. to Buy Back Stock

Mike Farrell — Mon, 28 Aug 2017 15:14:00 +0000

Altice N.V., the European telecom company that is the parent to U.S. cable operator Altice USA, said it will buy up to 1 billion euros of its stock over the next year, adding that it is evaluating the uses of its excess cash, including for M&A.

Altice USA has been the subject of intense speculation around a possible bid for Charter Communications. While Charter has declined comment, and some of its biggest investors have dismissed any play for the company, Altice has reportedly been lining up banks for a possible bid.

Altice USA shares were up about 1% (30 cents per share) to $30.98 in early trading Monday.

Altice N.V. said Monday that it plans to begin buying back its Class A and B shares on the Euronext Amsterdam exchange today (Aug. 28), with the buyback ending no later than Aug. 31, 2018. It plans to either retire the shares or place them in treasury.

Altice N.V. said in a statement the repurchase is part of its overall strategy to create superior shareholder returns, as well as continued confidence in its operations and in meeting its near and medium-term operational and financial targets.

“Going forward, Altice will continue to assess the use of excess cash for either significantly accretive M&A opportunities or further shareholder returns,” the company said in a statement.

Scripps Sets $1 Billion Stock Repurchase Plan

MCN Staff — Thu, 19 Feb 2015 20:30:00 +0000

Scripps Networks Interactive plans to spend $1 billion to repurchase its own share.

The lifestyle programmer is also raising its dividend by 15%, to 23 cents psr share to holders of record on March 2.

.Before the new $1 billion stock buyback program was authorized, Scripps had $448 million remaining on its previous repurchase plan.

Last quarter, the company announced a restructuring and reduced its workforce by 5% to be more efficient in its mission of creating lifestyle content. .