Yahoo Authorizes Additional $2 Billion for Stock Buybacks

Wall Street Journal: Yahoo has announced a plan to buy back $2 billion of its own shares with proceeds from the recent public offering of Alibaba. The buybacks are part of CEO Marissa Mayer’s broader effort to unlock value from Yahoo’s Asian assets and return cash to shareholders. The company has repurchased $9.7 billion in stock since 2012 and earlier this year unveiled a plan to spin off its remaining stake in Alibaba. The additional buybacks bolster Mayer’s defense against activist investor Starboard Value who argued the CEO has diminished investor value by overspending on acquisitions.