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CenturyLink Board OKs 2-Year, $1B Share Buyback Plan

CenturyLinkCenturyLink‘s (NYSE: CTL) board of directors has approved a plan to repurchase up to $1 billion of the company’s common stock over the next two years.

The company intends to fund the purchases with free cash flow generated by the business and start the new initiative after completing its current share buyback initiative in the second quarter of its 2014 fiscal year, CenturyLink said Monday.

Additionally, the board has approved a cash dividend of 54 cents per share to shareholders that will be paid out of the company’s capital surplus.

Shareholders of record as of March 10 will receive the payment on March 21, the company said.

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