News Corp advances stock repurchase program

News Corp, with a current market capitalization of $17.54 billion, reported on Wednesday that it is progressing with its stock repurchase program, under which the company is authorized to buy back up to $1 billion of its Class A and Class B common stock.

According to InvestingPro data, the stock has gained over 6.6% year-to-date, trading near its 52-week high of $30.04. The company is obliged to disclose daily transactions related to the repurchase program to the Australian Securities Exchange (ASX), as well as in its quarterly and annual reports.

The information provided to the ASX, attached as exhibits to the SEC filing, contains forward-looking statements about the company’s intention to periodically repurchase its shares. These statements are contingent on various factors, including market conditions, the stock’s market price, and applicable laws.

With a beta of 1.36, the stock shows higher volatility than the broader market, which could influence the timing and execution of these repurchases.

The company’s filings with the Securities and Exchange Commission detail potential risks and uncertainties that could affect the actual outcomes of the repurchase program. News Corp’s management emphasizes that the forward-looking statements are current as of the report’s date and that the company is not committed to updating these statements except as mandated by law.

The SEC filing, which serves as the basis for this report, includes exhibits detailing the information provided to the ASX and a cover page interactive data file. The repurchase program is part of News Corp’s broader strategy to manage its capital and enhance shareholder value. News Corp’s shares are traded on the Nasdaq Global Select Market under the tickers (NASDAQ:NWSA) for Class A stock and (NASDAQ:NWS) for Class B stock.

This report is based on a press release statement and does not include any assumptions or predictions about the potential impact of the repurchase program on News Corp’s stock price or market performance.

For deeper insights into News Corp’s valuation and financial health (currently rated as FAIR by InvestingPro), including exclusive ProTips and comprehensive analysis, investors can access the detailed Pro Research Report, available as part of the premium subscription covering 1,400+ top US stocks.

In other recent news, News Corp has been actively continuing its share repurchase program, as reported in multiple recent SEC filings. The company has been authorized to repurchase up to $1 billion of its Class A and Class B common stock.

As part of its commitment to transparency, News Corp has been providing daily updates to the Australian Securities Exchange (ASX) about the transactions under this program.

These reports are also included in the company’s quarterly and annual reports, demonstrating its ongoing commitment to manage its capital and reward shareholders. However, News Corp’s filings have also included forward-looking statements, indicating that the actual outcomes of the repurchase program could vary due to factors such as market conditions and legal requirements.

These statements underscore the company’s intent to continue repurchasing shares, but also highlight that these are based on current expectations and are subject to change. Investors are advised to consult News Corp’s SEC filings for a detailed understanding of the company’s financial activities.

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