American Tower OKs added buyback plan |
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Tue, 20 Feb 2007 13:14
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BOSTON (AP) - American Tower Corp., which operates broadcast and communications towers, said Tuesday its board approved the repurchase to up to $1.5 billion of its Class A shares through February 2008.The company said it expects to complete its current $750 million stock buyback program by the end of February, when it will begin its new repurchase plan.During the quarter ended Dec. 31, the company repurchased about 1.1 million shares for roughly $40 million.American Tower had about 436.4 million shares outstanding as of Dec. 31.The company also said Tuesday it swung to a profit in the fourth quarter, boosted by sharply higher revenue, and the absence of a hefty accounting charge.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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American Tower to buy back notes 