NEW YORK-Verizon Communications Inc., the majority owner of Verizon Wireless, reported its board of directors has authorized the company to repurchase up to 80 million shares of its common stock, circumventing a previous authorization for the company to purchase approximately 47.5 million shares that was set to expire Feb. 29.
Verizon said it expects to apply repurchased shares to satisfy normal funding requirements for employee benefit plans and for the Verizon Communications Direct invest direct stock purchase and share-ownership plan.
