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Tribune to buy back $2B in stock.
Publication: Newsday (Melville, NY) Publication Date: 31-MAY-06 |
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COPYRIGHT 2006 Newsday
Byline: Susan Harrigan
May 31--In what analysts described as an effort to raise its stock price and possibly head off the type of pressure from large investors that recently forced Knight Ridder Inc. to sell its assets, Tribune Co. said yesterday it will buy back about 25 percent of its shares for upward of $2 billion. Tribune stock, which had fallen nearly 8 percent since the beginning of 2006, rose 7.21 percent, to $29.90, yesterday. The company said it will fund the stock...
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