Walt Disney Corporation (DIS
) announced that it will be increasing its share buyback in fiscal 2014.
In the last few years, Disney has been buying back approximately $4 billion in shares every year, but that was planned to be $6 billion next year. The company has now announced that fiscal 2014 will see $8 billion in share buybacks, sending Disney’s stock surging for the day.
The company also promises to approach high budget films with a higher sense of caution after a disastrous summer movie season that saw films like “The Lone Ranger” flop; that film is now expected to lose around $190 million when all is said and done.
Disney shares were up $1.55, or 2.37%, at market close today. The stock is up over 31% this year.
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