New York-News Corp. said it would initiate a $1.5 billion buyback of its Australian listed preferred stock starting Sept. 18.
The move is seen largely as an effort to offset dilution of the preferred shares, which will be used in part to purchase Chris-Craft Industries Inc., BHC Communications Inc. and United Television Inc., which own a combined 10 television stations. News Corp. agreed to buy the stations Aug. 14 for $2.35 billion in cash and 73 million American Depository Receipts, which represent about 292 million preferred shares.
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