Shares in NZME, publisher of the New Zealand Herald, rallied after the company said it planned to buy back up to $30 million in shares early next year.
NZME said it had a clearer business outlook after the successful completion of the sale of GrabOne.
Chief executive Michael Boggs said the company's balance sheet is in a strong position, with net debt having been reduced to zero, well below our target net debt range.
"This has allowed the board to support a distribution of up to $30 million to shareholders, with an on-market buyback being the most effective method," he said.
NZME is due to provide an update on its performance and strategy at its investor day on Thursday.
