London, July 13 (ANI): A five billion dollar share buyback has failed to stop the stock price of Rupert Murdoch's scandal-ridden News Corp media empire from falling.
Voting shares were down 1.4 percent in early trade on the Australian Stock Exchange this morning, falling 21 to 14.98 dollars, the Age reports.
News of the share buyback rallied News Corp in overnight trade in New York, but the continuing flow of bad news over the phone hacking crisis gripping the company's British newspaper group saw the stock close the session down slightly at 16.08 US dollars.
The British House of Commons is set to pass a humiliating unanimous motion calling on Murdoch to withdraw his bid to take complete control of pay TV broadcaster BSkyB, the prize for which he has already sacrificed his tabloid paper News of the World.
In an announcement released before the New York market opened late last night, News Corp said it would increase its existing 1.8 billion dollar share buyback program to five billion dollars.
News Corp said it would buy both voting and non-voting shares over the next 12 months. (ANI)
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