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UPDATE 1-Netflix authorizes $150 million in stock buyback

Thu Mar 6, 2008 5:21pm EST

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LOS ANGELES, March 6 (Reuters) - Netflix Inc (NFLX.O) said on Thursday its board authorized a stock repurchase program for the company to buy up to $150 million of its common stock through the end of 2008, sending its stock higher after hours.

This new authorization is in addition to the $100 million repurchase authorization announced in January.

Netflix shares rose 2.2 percent, or 68 cents, in after-hours trade to $31.30 a share after closing at $30.62 on Nasdaq, down $1.48 a share for the regular session. (Reporting by Sue Zeidler; Editing by Andre Grenon, Gary Hill)

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