MSG Networks Increases Stock Buyback Authorization and Announces Details of Planned Modified Dutch Auction Tender Offer
Madison Square Garden Co, Inc (MSGN)
Last madison square garden co, inc earnings: 5/1 07:30 am
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Source: GlobeNewswire
NEW YORK, Aug. 29, 2019 (GLOBE NEWSWIRE) -- MSG Networks Inc. (NYSE: MSGN) today announced that its Board of Directors has authorized a $300 million increase to its existing stock repurchase program, bringing the Company’s total available authorization to approximately $436 million. The Company also announced that on August 30, 2019 it plans to commence a “modified Dutch auction” tender offer to purchase up to $250 million in value of its outstanding Class A common stock, par value $0.01 per share (the “Class A Shares”), at a price per Class A Share of not less than $15.00 and not greater than $17.50. President and CEO Andrea Greenberg said: “MSG Networks has a strong balance sheet and generates robust free cash flow, which we will use to execute a stock repurchase program that provides us with flexibility to take advantage of market opportunities. We understand the media landscape is evolving, but remain confident in the long-term prospects for our business and our continued abil
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