News Corporation (NASDAQ:NWSA) (NASDAQ:NWS), a global diversified media and information services company, has announced an update to its ongoing stock repurchase program. According to a recent SEC filing, the company is authorized to repurchase up to $1 billion of its outstanding Class A common stock and Class B common stock over time.
The update, disclosed on Monday, follows News Corp (NASDAQ:NWSA)'s regular practice of informing the Australian Securities Exchange (ASX) daily about transactions made under this program. The company also reports these activities in its quarterly and annual filings.
The repurchase program is part of News Corp's broader strategy to manage its capital and return value to shareholders. The decision to buy back shares is influenced by a variety of factors, including the market price of News Corp's stock, prevailing market conditions, and potential alternative investment opportunities.
In other recent news, News Corp is actively progressing with its $1 billion stock repurchase program, as disclosed in several recent filings with the U.S. Securities and Exchange Commission.
The company is authorized to buy back its outstanding shares of Class A and Class B common stock. This initiative is part of News Corp's strategy to enhance shareholder value. In compliance with regulatory requirements, News Corp is providing daily updates on the repurchase transactions to the Australian Securities Exchange.
News Corp reported a substantial 53% increase in free cash flow to $491 million in the third quarter of fiscal year 2024, primarily driven by growth in digital subscriptions and cost savings. This positive trend is largely due to digital revenues now making up over half of the company's total revenue.
In line with these recent developments, News Corp has announced plans for digital expansion, including The Times of London's venture into the US market. These recent developments underscore the company's ongoing shift towards a more digital-focused business model.
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