Oh silly, that 600M will be used to make more beneficial alliances with other failing online concerns thereby creating growth potential for shareholders - ok, I might be paraphrasing what the CEO said, but that is essentially what he said.
91.54 M share float. $400M buys about 14.29M shares at $28. That leaves a float of 77.24M. Does anyone know how many of those shares are held outside of large institutions? This could get very interesting once the buyback ends.