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Yesterday, Tribune Co. announced it would buy back 25 percent of its shares, easing the concerns of shareholders and financial analysts of the company’s sagging performance, Editor & Publisher reports. However, an underlying concern still remains that the buyback only adds to the argument that the industry’s downturn is permanent rather than a temporary slump.
According to Goldman Sachs analyst Peter Appert, the move was “smart” and “shareholder friendly” and that it makes “sense given the challenging operating environment facing Tribune (and the newspaper industry).”
The announcement may appease shareholders temporarily, but problems still exist, said Appert and Bear Stearns’ Alexia Quadrani. “While this announcement is not wholly unexpected,” said Quadrani, “we do believe it underlines the soft fundamental outlook across the industry and reflects management’s recognition that the current downturn may be more secular in nature than cyclical.”
On a different note, Tribune Co. just settled with the FCC concerning fraudulent circulation figures by its Newsday and Hoy publications.
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