21st Century Fox’s stock is up about 3.8% in afternoon trading after COO Chase Carey announced the buy back, which investors like because it increases the value of their holdings. He assured analysts in a day-long conference that Fox can achieve “an entirely new level of revenue growth and profitability.” He projected that in 2016 the company can generate more than $9B in cash flow. Carey also says that Fox can see high single digit annual revenue growth and rising profit margins, even as it continues to invest in new and existing businesses. “Our first priority has to be keeping the brands strong,” he says. The COO projected that cable channels will see “low teen annual affiliate revenue growth” with the U.S. ones up “low double digits.” Television station cash flow will grow “low to mid teens” each year. And the film and TV production operation will see low single digit growth through 2016.