AMC Networks Inc.
said Wednesday it was increasing its stock repurchase program by $500 million, or 50%. That increased authorization, which has no closing date, allows the company to buy back up to $1.5 billion worth of its stock. Based on Tuesday’s stock closing price of $61.64, the authorization would represent about 24.3 million shares, or about 42% of the shares outstanding. The cable channel operator’s stock, which was indicated up about 0.6% in premarket trade, has rallied 14% year to date through Tuesday, while the S&P 500
has gained 4.2%.