MSG Networks’ board OKs share buyback

MSG Networks Inc.

MSGN, +1.20%

shares rose more than 9% in the extended session Thursday after the operator of regional sports and entertainment networks spun off from Madison Square Garden Co.

MSG, -1.01%

said its board of directors has authorized a $300 million stock buyback program. That brings MSG Networks’ available authorization to $436 million, the company said. The company also said it plans a modified Dutch auction to buy up to $250 million in shares at a per-share price between $15.00 and $17.50. “MSG Networks has a strong balance sheet and generates robust free cash flow, which we will use to execute a stock repurchase program that provides us with flexibility to take advantage of market opportunities. We understand the media landscape is evolving, but remain confident in the long-term prospects for our business and our continued ability to create value for shareholders,” Chief Executive Andrea Greenberg said in a statement. The stock ended the regular trading day up 1.2%.

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