On Thursday, Viacom said it is buying back up to $4 million more dollars worth of its stock.
That follows an earlier $3 billion repurchase program of which $2.7 billion has already been spent to buy 70 million shares.
Viacom says Chairman Sumner Redstone's NAIRI Inc., a major shareholder, will tender shares as part of the buyback to prevent Redstone from upping his overall stake in the company.
Buying back stock is a way for the company to send a signal to the market that it thinks the stock is a good buy at the current price and a way to give shareholders better value for their current holdings, since it decreases the number of shareholders divvying up the profit pie.
The television industry's top news stories, analysis and blogs of the day.
Thank you for signing up to Next TV. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.