Nexxen to Start Share Repurchase
Nexxen International Ltd. (NASDAQ: NEXN) shares jumped Friday. The New York-based company, a global, flexible advertising technology platform with deep expertise in data and advanced TV, today announced that it is seeking authorization to initiate a new $20-million Ordinary Share repurchase program, which would commence following the completion of its current program.
The new repurchase program is intended to capitalize on what the Company believes is a compelling opportunity to acquire its Ordinary Shares at a discounted valuation, reflecting confidence in its long-term prospects.
Nexxen’s strong cash position, supported by its profitable and cash-generative model, enables flexibility for the Company to execute a balanced capital allocation strategy that prioritizes both long-term growth and shareholder value creation.
As previously announced, and in parallel with its intention to launch a new repurchase program, Nexxen will invest an additional $35 million in VIDAA, increasing its equity stake to approximately 6%. The investment will support VIDAA’s North American CTV expansion and is expected to enhance the long-term value of Nexxen’s exclusive data, advertising monetization rights, and overall investment.
The Company also plans to continue investing in the expansion of its commercial and media teams and in product innovation, aimed at both accelerating future growth and reinforcing its global market position.
NEXN shares zoomed 51 cents, or 5.5%, to $9.84.
