Phoenix Media to Buy Back as Many as 500,000 Shares
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Phoenix Media Group Ltd. in Burbank said it has authorized the repurchase of up to 500,000 shares of its common stock.
Ronald R. Irwin, Phoenix Media’s chief executive officer, said the buyback program was undertaken because “the market does not reflect the true value of this company.”
Phoenix Media is involved in a diverse group of businesses, including the importation and sale of Russian vodka, radio and television production, and operation of the World Wide Radio Network on the Internet.
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