Combined with its present program to repurchase 2.1 million shares, Knight Ridder will repurchase as many as 8.2 million shares, representing a total value of about $485 million based on today's closing price.
The move comes a day after San Jose, California-based Knight Ridder's shares reached a record high of 60.18. They've risen 29 percent over the past 12 months.
The expanded buyback comes about a week after Knight Ridder reported a better-than-expected 34 percent increase in third-quarter net income amid lower newsprint costs and stronger advertising sales.
Knight Ridder's newspapers include the Miami Herald, Philadelphia Inquirer, and San Jose Mercury News.
The company's shares fell 0.94 to 59.94 today. Knight Ridder announced the buyback after the close of regular U.S. trading.
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