News Corp. says its board has raised its stock repurchase program to $5 billion.
That's up from the $1.8 billion that's still left in the media conglomerate's existing program. News Corp. said on Tuesday that it plans to repurchase $5 billion of its Class A and Class B common stock over the next 12 months.
News Corp.'s stock rose 29 cents, or 1.9 percent, to $15.77 in morning trading following the announcement. When companies buy back stock, it tends to increase the value of remaining shares.
The stock had taken a hit this month amid a deepening phone-hacking scandal involving News Corp.'s now-shuttered News of the World tabloid.