Time Warner to Expand Buyback

Time Warner Inc. said it will buy back as many as 20 million shares, adding to its program to offset the shares issued for the exercising of stock options.

The company said in April it would buy back 15 million shares; about 14 million have been bought at an average price of $42 each. The company had about 573 million shares outstanding at the end of the third quarter.

Time Warner is expected to launch a larger buyback if its recovery continues into 1988, analysts said.

The company’s shares fell 31 cents to close at $60.19.