Yahoo buys back 11 million shares

Margaret Kane Former Staff writer, CNET News
Margaret is a former news editor for CNET News, based in the Boston bureau.
Margaret Kane

Yahoo has purchased roughly 11 million of its stock back from Japanese tech conglomerate Softbank, the company said Thursday. Yahoo paid Softbank $100 million for the stock. Softbank said it will use the money to finance its broadband operations in Japan.

In a separate announcement, Softbank said it has sold a total of 30 million shares of Yahoo common stock for about $270 million through a combination of private and open market transactions. Softbank now controls about 7 percent of Yahoo's stock.