Biz people

Buyback may boost Stokes

Seven Network Ltd, Australia's most watched television broadcaster, will buy back more than 19 percent of its stock in a move that may strengthen the control of billionaire Kerry Stokes.

The company will purchase up to 40 million shares on the market, Sydney-based Seven said in statement to the Australian stock exchange yesterday. Stokes (right), who owns 45 percent of the company, hasn't participated in its previous three buybacks.