Fox Corp. To Buy Back Addl. $5 Bln Shares, Declares Dividend

(RTTNews) - Mass media firm Fox Corp. (FOX) on Tuesday announced that its Board of Directors has authorized incremental stock repurchases of an additional $5 billion of the Company's Class A Common Stock and Class B Common Stock.

With the increase, the company's total stock repurchase authorization is now $12 billion.

Further, the company's Board has authorized an increase in semi-annual dividend, and has declared a dividend of $0.28 per Class A and Class B share. The dividend is payable on September 24 with a record date of September 3.

In the pre-market activity on the Nasdaq, Fox shares were gaining around 1.4 percent to trade at $52.77.