CenturyLink Inc. today announced that its board approved a 24-month stock repurchase program authorizing the company to repurchase up to $1 billion of its common stock. The new program will take effect immediately upon completion of the telecommunications company's current repurchase program, which is expected to end during the second quarter of 2014. CenturyLink said it intends to fund the share repurchases primarily with free cash flow generated by the business. The board also voted to declare a regular quarterly cash dividend of 54 cents per share, a portion of which will be payable out of capital surplus, on March 21. to shareholders of record on March 10, 2014.