Netflix Expands Share Buyback Program
In a filing submitted to the US Securities and Exchange Commission, the company stated that its board of directors has authorized the new repurchase initiative, which is not subject to any expiration date.
This latest authorization builds on an existing buyback program introduced in December 2024, from which $6.8 billion is still available for future share repurchases.
The announcement follows closely after Netflix posted underwhelming financial results and revealed that Chairman and co-founder Reed Hastings will be stepping down, developments that contributed to a decline in its share price.
Since the earnings announcement on April 16, Netflix shares have dropped by more than 13%.
Separately, the company had previously withdrawn in February from its attempt to purchase Warner Bros.’ streaming and studio division. Its stock had already been under strain during the prolonged bidding competition with Paramount Skydance, as investors expressed worries about the potential increase in debt that such a deal could have involved.
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