Verizon Dials Up Share Buyback

Verizon Communications Inc.’s board of directors authorized the repurchase of up to 100 million shares of stock after an existing program expires in February.

The company’s board also determined that no additional shares may be acquired under a previously approved program to repurchase up to 80 million shares.

The buyback program, which was due to end Feb. 28, had approval remaining to buy about 62.6 million shares. About 2.93 billion shares of Verizon common stock are outstanding following the regional Bell operating company’s merger with MCI Inc.