News Corp. announced a $5 billion stock buy buyback program in light of its drop in share price because of the company's phone hacking scandal.
The move rewards investors for sticking with the company through the expanding investigation and the delay in the company's bid for control of BSkyB.
Also read: News Corp.'s BSkyB Deal Delayed 6 Months — At Least
The program, approved by the company's board Tuesday, increases the roughly $1.8 billion remaining under the company’s current buyback program to $5 billion. It will purchase the $5 billion in stock over the next year.
Shares of News Corp. were up 1.86 percent to $16.40 as of 9:35 a.m. Tuesday.
The company had total assets as of March $60 billion, and total annual revenues of about $33 billion.