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Yahoo! (YHOO) has authorized a $3 billion stock-buyback program over the next three years, the Internet company stated in an 8-K filing Wednesday with the Securities and Exchange Commission.

"The repurchases may take place in the open market or in privately negotiated transactions, including derivative transactions, and may be made under a Rule 10b5-1 plan," according to the filing on The plan was approved by the board of directors on June 24.

Shares of Yahoo!, which closed down 20 cents to $13.84 in regular trading Wednesday, were up 17 cents to $13.90 after hours.

This article was written by a staff member of

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