NEW YORK — King World Prods.’ stock jumped $1.12 to $56.75 Tuesday after the syndie said it would split its stock two-for-one if shareholders approve an increase in the number of shares available to be issued.
The stock split will increase the number of shares each stockholder owns and simultaneously cut the stock price, which in the past six months has skyrocketed 60%.
King World chairman Roger King said in a statement that by increasing the number of shares outstanding and reducing the price, the split “may help facilitate trading in the common stock and make it a more affordable, attractive investment, particularly for individual investors.”
Rally follows exec shuffle
The stock rally of the past few months followed appointment of several new top execs at the syndie as well as several new deals, such as King World’s signing of Roseanne to host a new talkshow and its agreement to syndicate a new version of “Hollywood Squares.”
Meanwhile King World said Tuesday that Ticketmaster Group CEO Fredric Rosen and philanthropist Raymond Chambers had agreed to stand for election to its board of directors at the annual meeting Jan. 19.