Media company Tribune Co. on Thursday said it would proceed with a major share repurchase program which had been opposed by three key board members. Chicago-based Tribune owns KTLA-TV (Channel 5) and the Los Angeles Times.

The company’s stock jumped $1.30, or 4.3 percent, to $31.61 in early trading on the New York Stock Exchange following a report in The Wall Street Journal that the company was considering a major overhaul that could include spinning off its broadcast division.

The company suggested in a brief statement Thursday morning that such a major restructuring was not in the offing, saying that the tender offer was approved by a “clear majority” of its 11-member board “after considering a broad range of alternatives.”

Tribune disclosed in a regulatory filing earlier this week that three board members appointed by the Chandler Trusts, its second-largest shareholder, had opposed the $2 billion buyback announced last week. The company also said it would sell $500 million in noncore assets.

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