Interesting timing, as the TV production and distribution power prepares to move its stock trading to a major exchange, instead of over the counter. Tribune Media shares have lost about a third of their value since early August, when it spun off its newspaper publishing business, and are down 26.4% so far in 2014. CEO Peter Liguori says the repurchase reflects his belief that Tribune Media shares are undervalued, as well as “our confidence in the strength of our business and commitment to delivering shareholder value.” The company won’t begin the repurchase until at least mid-November, when it releases its financial results for its Q3, which ended on September 28. It adds that it will buy the stock with existing cash balances, and can stop the program whenever it wants.
Liguori told a Wall Street gathering last month that he wants to move to a major exchange because “there is tremendous investor interest ” in the company. “We think that if we were to list, it would open us up to more investors.”