Tribune Media Co. said Tuesday its board has approved a $400 million stock buyback.
“Our board of directors and senior management strongly believe that Tribune Media’s free cash flows, growth prospects and long-term strategy are not reflected by the company’s current stock price,” said Peter Liguori, Tribune Media’s president and chief executive, said in a news release.
Tribune Media said it will not repurchase any shares until its quarterly financial statement is issued in mid-November.
Tribune Media shares traded at $58.10, up $1.10, late Tuesday on the over-the-counter market.
Tribune Media owns television and radio stations and a digital division that provides TV and music programming information. Tribune Media was created when Tribune Co. spun off its publishing operations into Tribune Publishing Co., a separate publicly traded company.