Fed’s Powell opens door to potential rate cuts at Jackson Hole
News Corporation (NASDAQ:NWSA), the global media and information services company with a market capitalization of $16.14 billion and annual revenue of $10.25 billion, has provided an update on its ongoing stock repurchase program, according to a recent 8-K filing with the U.S. Securities and Exchange Commission. The company, incorporated in Delaware and headquartered in New York, is authorized to buy back up to $1 billion of its Class A and Class B common stock. According to InvestingPro, the company maintains a healthy balance sheet with a conservative debt-to-equity ratio of 0.36 and strong liquidity with a current ratio of 1.73.
The repurchase program, part of the company’s capital allocation strategy, is disclosed daily to the Australian Securities Exchange (ASX) as per its rules, and is also included in News Corp’s quarterly and annual reports. The latest filings with the ASX were attached as exhibits to the SEC filing, indicating the company’s continued execution of the program. With $663 million in levered free cash flow, News Corp appears well-positioned to maintain its buyback commitments. InvestingPro analysis reveals over 12 additional insights about News Corp’s capital allocation strategy and financial health, available to subscribers.
The documents provided to the ASX contain forward-looking statements regarding the intention to repurchase shares from time to time. However, actual outcomes may differ due to various factors, including market prices, general market conditions, applicable laws, and alternative investment opportunities. The information reflects management’s expectations as of the report date and does not commit the company to future updates on the forward-looking statements, except as mandated by law or regulation. Wall Street analysts maintain a bullish outlook on NWSA, with a consensus recommendation of 1.6 (where 1 is Strong Buy and 5 is Strong Sell). Get detailed analyst forecasts and comprehensive financial analysis through the News Corp InvestingPro Research Report, part of our coverage of 1,400+ US stocks.
This development comes as part of News Corp’s broader efforts to manage its capital and enhance shareholder value. The buyback program is a common practice among corporations looking to return capital to shareholders and potentially improve earnings per share by reducing the number of shares outstanding.
The filing did not specify the exact number of shares repurchased to date or the amount of money spent on the buybacks. Investors and stakeholders are advised to review the company’s regulatory filings for detailed information on the repurchase program’s progress.
The information in this article is based on a press release statement from News Corp.
In other recent news, News Corporation has announced the continuation of its stock repurchase program, which authorizes the acquisition of up to $1 billion of the company’s Class A and Class B common stock. This buyback initiative is part of News Corp’s capital allocation strategy and reflects the company’s commitment to returning value to shareholders. The program’s transactions are reported daily to the Australian Securities Exchange (ASX) and are also disclosed in the company’s quarterly and annual reports. The company’s SEC filings include forward-looking statements regarding the intent to continue repurchasing shares, depending on market conditions and other factors. News Corp emphasizes that these statements are based on current management expectations and could change due to various risks and uncertainties. The company has reiterated that it does not have any obligation to update these statements, except as required by law. This ongoing buyback strategy is a common practice among publicly traded companies to potentially increase earnings per share by reducing the number of outstanding shares. These developments have been detailed in a recent SEC filing and are based on a press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.