Altaba announced that its Board of Directors has authorized the repurchase of up to $5B of its common stock.

Altaba announced in June that it had repurchased approximately 64.5 million common shares, or approximately 6.7% of the company's issued and outstanding shares, for $3.4B in a modified "Dutch auction" self-tender offer.

The authorization being announced today marks the next stage of the company's program to return cash to its shareholders. "We have consistently stated that it is our intent to return substantially all of our cash to shareholders over time (of course retaining what we need to cover liabilities and operate the Fund) - and with this action, we state it again today, clearly." said Thomas J. McInerney, CEO of Altaba.