Broadband Internet and telephone provider Liberty Global Inc. authorized the repurchase of up to $1 billion in stock Thursday.

The company, which operates broadband communications networks primarily in Europe, Chile, and Australia, said it will buy back shares on the open market or through private transactions when it chooses, based in part on market conditions. It said the buyback can be suspended or ended at any time.

Shares the company rose $1, or 2.6 percent, to close at $39.02. The stock has traded between $32.06 and $47.31 over the last year.