Disney Stock Surges After Reveal of up to $8 Billion Stock Buyback

Disney Stock Surges After Reveal of up to $8 Billion Stock Buyback

Disney will buy back more stock next year than it has the past few

Disney stock jumped three points Thursday after the company’s CFO Jay Rasulo said at an investor conference in Beverly Hills, Calif. that it would buy back anywhere form $6 billion to $8 billion in stock next year.

In past years, Disney has acquired $4 billion of its own stock.

Also read: ‘The Lone Ranger’ Could Force Disney to Take $190M Writedown in Q4

Disney’s stock price has been on the ascent ever since late November of last year and doubled in the past two years. Much of that is due to the continued success of ESPN and Disney's cable networks, as well as its growing theme park and resorts business.

During his speech at the conference, Rasulo also touched on whether Disney would acquire other companies (not likely) and the threat newly launched national sports channel Fox Sports 1 poses to ESPN (not much so far).