Media giant News Corporation Tuesday said its board of directors has approved a $5 billion stock repurchase program.
Bebeto Matthews
News Corporation
The buyback plan comes as Rupert Murdoch battled to contain the crisis engulfing his media empire, after allegations surfaced that journalists at several of his papers hacked into the cellphonesof British prime minister Gordon Brown, a murdered child, and terrorism victims, among others.
The scandal has dragged the company's shares sharply lower and threatened its planned acquisition of BSkyB.
News Corp. said it will acquire $5 billion of Class A common stock and Class B common stock periodically over the next 12 months.