Courtesy of Benzinga.
AirMedia Group Inc. (“AirMedia” or the “Company”) (Nasdaq: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, today announced that its board of directors has approved to increase the size of its previously announced share repurchase program to US$40 million from US$20 million and to extend the termination date of the share repurchase program to March 20, 2014 from March 20, 2013. The other terms of the share repurchase program will remain unchanged.
Under the expanded share repurchase program, AirMedia has been authorized, but not obligated, by its board of directors to repurchase a total of up to US$40 million worth of its own outstanding American Depositary Shares (“ADSs”) until March 20, 2014. As of September 23, 2012, AirMedia had repurchased an aggregate of 4,347,601 ADSs on the open market for a total consideration of US$13.1 million, and is now authorized to purchase up to US$26.9 million worth of additional ADSs under the expanded share repurchase program.
