SiriusXM To Repurchase $2 Billion In Stock
The SiriusXM Radio board of directors has approved an additional $2 billion common stock repurchase program. The company also announced that it has agreed to repurchase $500 million of common stock from Liberty Media. The shares are intended to be purchased in three installments in November 2013, January 2014, and April 2014. To date, the company has repurchased 476,545,601 shares of common stock for an aggregate purchase price of approximately $1.6 billion.
In a press release, the company said, "The announcement of the new repurchase program reflects the board's desire to continue to return value to stockholders and its confidence in the long-term growth prospects of the company's business. SiriusXM retains ample capital capacity to continue making long-term investments in its programming, research and development initiatives, and overall operations, as well as pursue strategic opportunities that may arise."