Rentrak Board OKs Share Repurchase Scheme

The Board of US-based multi-screen audience measurement firm Rentrak has authorized a one-year share repurchase program for up to $5m of the company's outstanding common stock, which it says is currently undervalued.

Portland, Oregon-based Rentrak offers content measurement, analytical services and insight to the entertainment industry, covering numerous platforms including box office, multi-screen television, set-top-boxes and home video.

In a statement, CEO Bill Livek said that Rentrak generates sufficient free cash flow annually to fully fund the repurchase program, which will provide the company with the 'financial flexibility' to purchase shares while also pursuing growth initiatives.

'Today's authorization demonstrates the Board's continued optimism about Rentrak's growth prospects and ongoing commitment to enhancing shareholder value,' Livek added.

A previous share repurchase program, authorized in January 2006, led to the buying up of 723,367 shares for a total cost of $7.8m - an average price of $10.78 per share.

This morning, Rentrak's shares were trading at $20.68 each.

Web site: www.rentrak.com .