Stock buy-back

RUPERT Murdoch’s News Corporation yesterday unveiled plans to buy back five billion US dollars (€3.6bn) worth of its own shares as the media giant’s proposed bid for BSkyB was put on ice.

The dramatic move will be seen as an attempt to appease investors, as a buy-back scheme boosts the share price, increasing the value of assets held by shareholders.

News Corp shares have fallen in the wake of the phone-hacking scandal at News International — the stock suffered its biggest daily loss since April 2009 yesterday when the BSkyB approach was referred to the Competition Commission by British Culture Secretary Jeremy Hunt.