By Colin Kellaher

Comcast Corp. on Wednesday said its board doubled the cable giant's share-repurchase authorization to $20 billion.

The Philadelphia company, which has around 4.4 billion shares outstanding and sports a market capitalization topping $157 billion, said it has already repurchased $9 billion worth of Class A common stock this year.

Comcast restarted its buyback program, which had been paused since the beginning of 2019, in the second quarter of 2021, and its board earlier this year increased the repurchase authorization to $10 billion.

Comcast said the buyback authorization has no expiration date.

Comcast's stepped-up stock buyback comes ahead of a new 1% excise tax on repurchases that is slated to take effect on Jan. 1. S&P Dow Jones Indices senior index analyst Howard Silverblatt recently said he doesn't expect the new tax will have a material impact on buybacks.

Shares of Comcast were recently up 1% to $33.80 in premarket trading.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 14, 2022 08:31 ET (12:31 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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