Seattle digital images company Getty Images said its going to increase its share repurchase program by $100 million to $250 million. At the end of April, the company had about 62.4 million shares of stock outstanding.
Because it’s going to be spending more money on buying back shares, Getty said it’s going to get rid of some money-losing investments that it had previously intended to hold on to. The company has been subleasing some of its office space in New York City, but is going to permanently get out of the space once its sublease expires in February. It’s going to take a $19 million hit with this move, because there are eight years left on its original lease agreement.
Investors weren’t too worried about the announcements; the company’s share price was even up a bit this morning.