SEATTLE—RealNetworks Inc. said Thursday that its board approved a plan to buy back up to $50 million in stock.
Shares of RealNetworks, which operates the Rhapsody online music service and provides the RealPlayer media player, rose 62 cents, or 9.6 percent, to $7.10 in after-hours trading. The stock had finished regular trading up 10 cents at $6.48.
The company said buybacks can be made through open market or private transactions.
RealNetworks said it may also enter a rule 10b5-1 trading plan in relation to the buyback. This type of plan allows a company to buy shares when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods.
RealNetworks finished an earlier $100 million stock buyback plan during the fourth quarter of 2007, through which it repurchased about 13.9 million shares.
