By: E&P Staff Belo's board of directors has authorized an increase in the amount of common stock in a share-repurchasing program to 15 million shares.
"We continue to believe that stock repurchases are an excellent use of cash, especially at current price levels," Robert Decherd, Belo's chairman, president, and CEO, said in a statement.
The additional shares are part of a 25 million share buyback program -- the company had 7.3 million shares remaining under the previous authorization.
Additionally, the board of directors approved a quarterly cash dividend of $.10 for each outstanding share of Series A and Series B common stock to be paid March 3, 2006, to shareholders of record on Feb. 10, 2006.
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