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Scholastic announces additional $50M stock buyback

Scholastic Corp.'s board authorized the company to repurchase up to $50 million of its common stock.

This authorization increases the total amount of shares that may be repurchased to $61.4 million, after giving effect to the remaining amounts available for share repurchases under previous authorizations.

The company said March 21 that it will continue to fund the stock repurchase program with available cash.