Washington Post Jumps on Buyback

Shares of Washington Post Company (WPO) are up $19.00, or 5.5%, at $388.00, after the co. said today its Board of Directors approved the repurchase of up to 750,000, or 10.4 percent, of its Class B common shares. WaPo did not announce a ceiling price or a time limit for the buyback but said the authorization includes 16,312 shares that remained under the previous authorization. WaPo currently has 7,235,962 million Class B common shares outstanding.

Also today, The Washington Post declared a regular quarterly dividend of $2.25 per share, payable on November 5, 2010, to shareholders of record on October 25, 2010.

WPO shares climbed $18.66, or 5.18%, to $378.88 in midday trading.

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