King World said it bought back 2% of its shares.

King World Productions, the New York-based distributor of such top-rated syndicated television programs as “Wheel of Fortune,” “Jeopardy,” and “The Oprah Winfrey Show,” said it bought back 700,000 of its shares from a principal shareholder at a price of $23 a share. King World officials declined to identify the shareholder, but analysts speculated it could be Karen King O’Connor, who is a member of the controlling King family, and who in recent months has sold several blocks of her shares.