Entertainment announced that its board of directors has approved a USD 1 billion share buyback plan. As a result, the company can now repurchase USD 1 billion of Class A common stock in the form of American Depository Shares (ADS) over the next 12 months. This can be seen as a reaction to its stock price that plunged more than 30% last week. Today's news with their share buyback plan has caused the share price to rise again.
This briefing is contributed by and first appeared on CIMK.