Light Media Announces Stock Buyback Program
December 5, 2012 at 6:03 AM (PT)
Urban inspirational music, radio, and online company LIGHT MEDIA has launched a stock buyback program, seeking to repurchase up to 5% of its issued and outstanding shares, or up to 2,250,000 common shares. The company, which recently filed to sell Urban Inspirational WZBN (POWER 105.5)/CAMILLA, GA to GREATER 2ND MT. OLIVE MISSIONARY BAPTIST CHURCH for $242,500 ($235,000 in a promissory note), said that the repurchases would be "discretionary and at prices the company considers to be attractive and in both the best interests of LIGHT MEDIA and its stockholders."
CEO DANNY WILSON said that SALEM COMMUNICATIONS' own buyback plans announced in MARCH were "intriguing and inspirational" and that the LIGHT MEDIA plan "may also serve as an excellent way to increase market awareness" of his company "while simultaneously positively positioning for the future. LIGHT MEDIA remains steadily and strategically focused as the Inspirational Media Specialist; and there is more news to come."