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Disney plans to boost buybacks by up to $8 billion

NEW YORK (AP) -- The Walt Disney Co. is planning to "significantly increase" its stock buybacks next year, the media company's chief financial officer said.

Disney will spend about $6 billion to $8 billion on buybacks in 2014, CFO Jay Rasulo said at an investor conference in Beverly Hills, Calif. That's up from the $4 billion Disney has been spending on repurchasing its shares, he said.

Rasulo said the company is boosting its buybacks because of its confidence in the company and its upcoming movies.

Disney's shares spiked following Rasulo's comments, and gained more than 2.5 percent at $65.57 in late afternoon trading.