Premiere Radio Networks Launches Stock Buyback

Premiere Radio Networks Inc. has announced a $3-million stock buyback program.

The Sherman Oaks-based radio syndication company said it would make purchases of its common stock and Class A common stock in the open market.

Companies typically buy back some of their stock in hopes of driving up the value of the remaining shares. Premiere currently has about 3.6 million shares of common stock outstanding and 4 million shares of Class A stock.