Nike board approves $12B buyback

Nike announced Thursday its board of directors approved a new four-year, $12 billion program to repurchase shares of Class B common stock.

Nike also approved a 2-for-1 split of both Class A and Class B common shares.

"We've proven it time and again, having returned over $23 billion to shareholders over the last 14 years through share repurchases and dividends," CEO Mark Parker in a statement.

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