Stockholders Equity |
9 Months Ended |
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Sep. 30, 2016 | |
| Equity [Abstract] | |
| Stockholders’ Equity |
Stockholders’ Equity
Preferred Stock
Preferred stock is issuable, from time to time, with such designations, preferences and relative participating, optional or other rights, qualifications, limitations or restrictions thereof, as shall be stated and expressed in a resolution or resolutions providing for the issue of such preferred stock adopted by Starz’s board of directors. As of September 30, 2016, no shares of preferred stock were issued.
Common Stock
Series A common stock has one vote per share and Series B common stock has ten votes per share. Each share of Series B common stock is exchangeable at the option of the holder for one share of Series A common stock. Series A and Series B common stock participate on an equal basis with respect to dividends and distributions.
As of September 30, 2016, there were 11.4 million shares of Series A common stock reserved for issuance under the exercise privileges of outstanding stock options. In addition to Series A and Series B common stock, there are 2.0 billion shares of Series C common stock authorized for issuance.
Purchases of Common Stock
The Starz board of directors has authorized a total of $1,200.0 million since January 2013 to repurchase Starz common stock. Starz repurchased 4.6 million shares of Series A common stock for aggregate consideration, including fees, of $121.6 million during the nine months ended September 30, 2016. Starz had $356.7 million available under its share repurchase program as of September 30, 2016. Under the terms of the Merger Agreement, Starz is prohibited from repurchasing its common stock. Accordingly, there will be no repurchases of common stock through the closing of the Merger.
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