Now that it doesn’t have to pay for Warner Bros., Netflix is using its capital to buy back more shares: The streaming giant said its board authorized a buyback of an additional $25 billion of the company’s stock.
On April 22, Netflix’s board of directors authorized the repurchase of an additional $25 billion of common stock, without an expiration date, the company disclosed in an SEC filing Thursday. That’s designed to return cash to shareholders — and goose the price of Netflix shares, which took a major hit after the company clinched an $83 billion deal to buy Warner Bros.’ streaming and studios business.
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