Good morning everyone and thank you for joining our fourth quarter earnings call. We have some great results to report and some equally exciting updates on our business strategies. Since our board approved a $1 billion share repurchase authorization last August, the largest in our company's history, we've used approximately $320 million to buy back 11 million shares or 11% of the total shares outstanding, generating $0.63 of annualized free cash flow per share. At a 5x average free cash flow multiple, that represents approximately $300 million of equity value created.
As you know, local news is one of our most valuable assets and an area that we have made significant investments in over the years, including additional news hours, 24/7 content centers, townhalls and deeper investigative reporting. We continue to be an industry leader with our cutting edge drone journalism, and are proud to announce that our drone program just flew it's 10,000th flight. Through our drone journalism across the country, we've been able to provide our viewers with a unique visual perspective on significant local stories.
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