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Shares of
Global Eagle Entertainment IncENT, a provider of digital media solutions for airlines, spiked higher by more than 6 percent on Tuesday after the company
announced a new share buyback program.
Global Eagle's Board of Directors has authorized a share repurchase program in which the company may acquire up to $50 million of its total outstanding shares of common stock. The total buyback represents approximately 8 percent of the 79 million diluted shares outstanding.
"Our Board of Directors and senior management strongly believe that GEE's continued strong financial performance, growth prospects and long-term strategy are not reflected by the company's current stock price," said Dave Davis, CEO of GEE. "The stock repurchase program that was announced today demonstrates our confidence in the strength of our business and reinforces our ongoing commitment to improving shareholder returns."
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Posted In: NewsBuybacksDave DavisEnergyGlobal Eagle EntertainmentMedia CompaniesOil & Gas Exploration & ProductionShare buyback
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