Pro7 stock up 23% on share buy-back news
Pan-Euro broadcaster eyeing nearly 5 million sharesCOLOGNE, Germany -- Shares in Pan-European broadcaster ProSiebenSat.1 shot up more than 20% Friday after the company announced it would buy back nearly 5 million of its own shares.
ProSieben has been struggling near penny-stock territory for months, but news of the buyback sent shares skyrocketing. By early afternoon, ProSieben stock was trading at €1.60 ($2.20), a 23% jump.
ProSieben's executive board announced plans to repurchase about 4.5% of all preferred stock -- about 2.2% of the company's total capital. The shares will then be made available to members of the board and select executives at ProSieben as part of the company's stock option plan. The buyback will begin Monday.