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News Corp has disclosed ongoing activities under its stock repurchase program, which authorizes the buyback of up to $1 billion of its Class A and Class B common stock. The company, with a current market capitalization of $16.85 billion, is listed on the Nasdaq Global Select Market under the tickers (NASDAQ:NWSA) for Class A shares and (NASDAQ:NWS) for Class B shares, and has reported the details of its repurchase transactions to the Australian Securities Exchange as required. According to InvestingPro, the stock has shown resilience with a 2.85% year-to-date return.
The information provided to the ASX, attached as Exhibit 99.1 and Exhibit 99.2 in the SEC filing, includes forward-looking statements regarding the intention to repurchase shares over time. These statements are based on current expectations and are subject to change due to various factors, including market conditions and regulatory requirements. With the stock currently trading at $28.22, between its 52-week range of $23.38 to $30.69, InvestingPro analysis suggests the stock is fairly valued based on its comprehensive Fair Value model.
The company’s commitment to the repurchase program is part of its capital allocation strategy and reflects its ongoing efforts to enhance shareholder value. However, the actual outcome of the repurchase activities will depend on a range of factors, including the stock’s market price and alternative investment opportunities.
News Corp, incorporated in Delaware and headquartered at 1211 Avenue of the Americas, New York, New York, 10036, has made this information public in compliance with SEC regulations. The company’s fiscal year ends on June 30, and the latest update is based on a press release statement filed with the SEC.
In other recent news, News Corporation has announced the continuation of its stock repurchase program, allowing the company to buy back up to $1 billion of its Class A and Class B common stock. This initiative is part of News Corp’s strategy to manage its capital effectively and enhance shareholder value. The company has committed to providing daily updates to the Australian Securities Exchange (ASX) regarding any repurchase transactions. These updates, along with details of the repurchase program, are included in News Corp’s quarterly and annual reports. The SEC filings reveal that the company’s intentions to repurchase shares are based on current management expectations and may change due to market conditions and other factors. While the forward-looking statements are valid as of the report’s date, News Corp emphasizes that it is not obligated to update them publicly unless required by law. This ongoing buyback program reflects News Corp’s confidence in its financial strength and long-term business prospects. Investors can refer to the company’s SEC filings for more detailed information regarding the stock repurchase program and other financial activities.
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