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News Corp. To Buy Back Stock

News Corp says it will spend up to $3 billion buying back its own stock.

The company plans to repurchase both Class A and supervoting Class B shares. Most of the more powerful shares are controlled by News Corp. Chairman and CEO Rupert Murdoch.

The deal is a bit of a surprise since John Malone's Liberty Media has been facing off against Murdoch by securing control over a substantial 17% chunk of News Corp.'s shares, including both voting classes.

Some analysts had been expecting Murdoch to reserve his financial capacity to buy back some of those shares.

Buybacks are aimed at boosting the price of a company's stock by shrinking the number of outstanding shares.