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Thomson Reuters approves new $1B share buyback program

Thomson Reuters Corp.'s board has authorized the repurchase of an additional $1 billion of the company's shares under a new buyback program.

The new program is in addition to the $500 million repurchase program the company announced in May. Thomson Reuters has repurchased approximately $231 million of shares since May.

The share repurchased under the combined $1.5 billion buyback programs would allow the company to reduce the size of an expected $9 billion to $10 billion substantial issuer bid/tender offer. The bid or tender offer is expected to be made in connection with Thomson Reuters' planned sale of a 55% interest in the company's financial and risk business to an investor group led by Blackstone Group LP.