Disney plans to buy back between $6 billion to $8 billion in stocks next year.
The news announced by Chief Financial Officer Jay Rasulo sent shares up 3 percent, Reuters reports.
Rasulo also told investors the company has been doing $4 billion buybacks of its stocks over the past few years. To cover the $8 billion in buybacks, the company might borrow money "to provide capital at the tail end of that plan."
Shares rose to $66.06 after Rasulo talked at the Bank of America Merrill Lynch conference.
He also said, "We have learned there needs to be a cap on tentpole nonfranchise movies," as Disney plans to limit spending on big films after losing up to $190 million on The Lone Ranger. "Going forward you will see a cap on spending on those movies."
According to Bloomberg, Disney's stock has risen 32 percent this year.
Rasulo also said that Disney is not done spending on projects, noting the recent acquisitions of Lucasfilm and Marvel.
"We want to invest in our businesses either through organic growth initiatives or to grow our company through acquisitions," he said.
image: Amazon