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DES MOINES, Iowa (AFX) - Magazine publisher Meredith Corp. said Wednesday it has authorized the repurchase of up to 3 million additional shares of its stock, and declared a quarterly dividend of 16 cents per share.
Including the 3 million newly authorized shares, the company has about 4.5 million shares in its buyback program. As of June 30, Meredith had roughly 48.2 million shares outstanding.
The company will pay the dividend on Sept. 15 to shareholders of record on Aug. 31.
Meredith shares rose 22 cents to $46.43 in afternoon trading on the New York Stock Exchange. Copyright 2006 Associated Press. All rights reserved. This material may not be
Copyright 2006 AFX News Limited. All Rights Reserved.
