News Corp. Sets $3 Billion Buyback

The company says the repurchases will be made in open market transactions.
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Media giant

News Corp.

(NWS) - Get Report

said its board approved a stock repurchase program authorizing the buyback of up to $3 billion of the company's Class A and Class B common stock.

The company said the repurchases will be made through open market transactions. News Corp. expects the number of Class A and Class B common shares that will be available for the buyback plan to be about equal.

Shares of News Corp. were down 18 cents to $16.70 in premarket Instinet trading.