New Frontier Media, Inc. (NOOF: NOOF 1.48, -0.16, -9.8%) , a leading producer and distributor of branded television networks and on-demand programming, signed after the market closed on November 13, 2008 an agreement to repurchase in a privately negotiated transaction all of the 2.6 million shares of common stock owned by one of its largest shareholders at a price of $1.55 per share.

Since 2006, the company has repurchased approximately 4.6 million shares of its common stock and now has approximately 20 million shares outstanding. Between 2006 and 2008, the company also returned approximately $26 million to shareholders in the form of special and quarterly cash dividends.

“New Frontier continually evaluates methods to drive shareholder value – whether in the form of dividends, buybacks, or strategic acquisitions – while continuing to grow the business,” said Michael Weiner, chief executive officer of New Frontier Media.

“Today’s announcement, which is immediately accretive to our results, is emblematic both of our strong balance sheet, as well as our ability to quickly respond to changing market opportunities.”