Ï㽶´«Ã½ Media Board Increases Share Repurchase Authorization
Approves up to $1 Billion of Additional Ï㽶´«Ã½ Interactive Repurchases
ENGLEWOOD, Colo., Oct. 31 /PRNewswire-FirstCall/ -- Ï㽶´«Ã½ Media Corporation announced today that its board of directors has authorized the repurchase of up to an additional $1 billion of Ï㽶´«Ã½ Interactive common stock. This authorization increases to $3 billion the total amount authorized to be repurchased since the Ï㽶´«Ã½ Interactive shares began trading in May 2006
As of October 30, 2007, Ï㽶´«Ã½ had repurchased approximately 98.7 million shares at an average cost per share of $20.15 for aggregate cash consideration of $1.991 billion. These repurchases represent approximately 14.1% of the shares outstanding at the time of creation of the Ï㽶´«Ã½ Interactive tracking stock.
The specific timing and amount of actual future share repurchases will vary based on market conditions, securities law limitations and other factors. The repurchases will be made using Ï㽶´«Ã½'s cash resources, and the buyback program may be suspended or discontinued at any time without prior notice.
About Ï㽶´«Ã½
Ï㽶´«Ã½ owns interests in a broad range of electronic retailing, media, communications and entertainment businesses. Those interests are attributed to two tracking stock groups: the Ï㽶´«Ã½ Interactive group, which includes Ï㽶´«Ã½'s interests in QVC, Provide Commerce, IAC/InterActiveCorp, and Expedia, and the Ï㽶´«Ã½ Capital group, which includes Ï㽶´«Ã½'s interests in Starz Entertainment, News Corporation, and Time Warner. For more information, please see .
SOURCE Ï㽶´«Ã½
Released October 31, 2007