- 99 -
The Company intends to deploy the assets of both
LLCs to finance acquisitions and investments, including
purchases of the Company’s common stock, and does not
intend to use those funds for the Company’s general
working capital purposes.
* * * * * * *
Note 13–-Capital Stock and Stock Purchase Program
* * * * * * *
Treasury Stock. Treasury stock includes shares of
Series A common stock and Series A preferred stock
owned by affiliates as well as Series A common stock
purchased by the Company as part of the stock purchase
program. Approximately 13,262,000 * * * shares of
Series A common stock included in treasury stock are
owned by Eagle New Media * * *
Stock Purchases. During 1998, the Company and
Eagle New Media purchased 16,355,000 common shares for
a total cost of $947,203,000. * * *
* * * * * * *
In connection with the Company’s ongoing stock
purchase program, in October 1998, the Company’s Board
of Directors authorized the purchase over the next two
years of an additional 6,000,000 shares of common
stock. The aggregate remaining shares authorized for
purchase at December 31, 1998 was approximately
1,100,000 shares. The Company believes that the
purchase of shares of its common stock is an attractive
investment for Eagle New Media which will enhance Times
Mirror shareholder value as well as to offset dilution
from shares of common stock issued under the Company’s
stock-based employee compensation and benefit program.
In February 1999, the Board of Directors authorized the
purchase of an additional amount of up to 6,000,000
shares of its Series A common stock.
* * * * * * *
Note 21–-Subsequent Events
* * * * * * *
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