Netflix authorizes $25 billion stock buyback

(CNN)– Netflix’s board has authorized a buyback of $25 billion in stock, the company reported in an SEC filing Thursday, April 23.

The plan will give back cash to shareholders and boost the price of Netflix shares.

Shares took a major hit after the company agreed to an $83 billion purchase of Warner Brothers’ streaming and studios business.

But Netflix backed out of the deal after Paramount Skydance upped its hostile takeover bid for all of Warner Brothers Discovery.