Dow Jones & Company Board Authorizes Additional Share Repurchases, Declares Regular Quarterly Dividend.NEW YORK--(BUSINESS WIRE)--Oct. 21, 1998--Dow Jones & Company announced that its Board of Directors today authorized the repurchase of up to $500 million in shares of the Company's outstanding stock over the next two to three years, from time to time as market conditions allow. This authorization is a continuation of the Company's ongoing share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program, and is in addition to the $300 million authorization announced in May of this year. As of September 30, 1998, the Company had repurchased a total of 4.3 million shares under the program, at an aggregate cost of $204.5 million. To enhance the share repurchase program, the Company has sold puts covering an aggregate of one million shares of its common stock. After taking into account funds that could be required for the exercise of these puts, $51 million of the prior authorization prior authorization, n See predetermination. prior authorization Health insurance A cost containment measure that provides full payment of health benefits only if the hospitalization or medical treatment has been remained as of September 30. Peter R. Kann, chairman and chief executive officer, said, "Our share repurchase program is a significant part of our business and financial strategy. Using excess capital to repurchase shares is an effective means of building shareholder value." The repurchases authorized today are expected to be made in the open market or in privately negotiated transactions as market and other conditions warrant, and may be discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: at any time. At the same time, the Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance Board of Directors today declared a regular quarterly dividend on the common stock and the Class B common stock of 24 cents a share. The dividend is payable December 1, 1998, to shareholders of record as of November 2, 1998. Dow Jones & Company (NYSE NYSE See: New York Stock Exchange : DJ) publishes The Wall Street Journal and its international and Interactive editions, Barron's and SmartMoney magazines and other periodicals, Dow Jones Newswires Dow Jones Newswires is the real-time financial news organization owned by Dow Jones. Founded in 1882, its primary competitors are Bloomberg L.P. and Reuters. The company reports more than 420,000 subscribers -- including brokers, traders, analysts and fund managers -- as of July , Dow Jones Indexes, Dow Jones Interactive, and the Ottaway group of community newspapers. Dow Jones is co-owner of the CNBC CNBC Center for the Neural Basis of Cognition (artificial intelligence) CNBC Consumer News and Business Channel CNBC Congress of National Black Churches, Inc. television operations in Asia and Europe, and also provides news content to CNBC in the U.S. |
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