News Corp continues stock repurchase program

News Corp (NASDAQ:NWSA), the global media and information services company with a market capitalization of $16.92 billion, has disclosed ongoing transactions under its stock repurchase program. The company, which is listed on the Nasdaq Global Select Market under the symbols NWSA (Class A Common Stock) and NWS (Class B Common Stock), has been authorized to buy back up to $1 billion of its outstanding shares. According to InvestingPro data, the company generated $663 million in free cash flow over the last twelve months, suggesting substantial financial flexibility for the buyback program.

In a filing with the SEC today, News Corp reiterated its commitment to the repurchase program, which is also subject to daily disclosure requirements by the Australian Securities Exchange (ASX). The details of these transactions were attached to the filing as exhibits.

The repurchase program is part of News Corp’s strategy to manage its capital allocation and shareholder returns. The program’s execution is influenced by various market factors, including the stock’s market price, general market conditions, and legal and regulatory considerations. InvestingPro analysis shows the company maintains a healthy financial position with a current ratio of 1.73 and a moderate debt-to-equity ratio of 0.36, supporting its capital return initiatives.

News Corp’s management has stated that the repurchase of shares will occur from time to time, based on the company’s discretion and subject to market conditions. However, the company has not made any assurances regarding the exact number of shares that will be repurchased or the specific timing of these transactions.

Investors are reminded that statements regarding the repurchase program are forward-looking and are subject to change due to market volatility and other factors. The company’s filings with the SEC provide additional context and detail about the risks and uncertainties associated with such forward-looking statements.

This news is based on a press release statement and the information has been made public as per the regulatory requirements of the SEC and ASX. News Corp’s latest SEC filing offers investors transparency regarding the company’s ongoing efforts to manage its capital and enhance shareholder value through the stock repurchase program. Based on InvestingPro’s Fair Value analysis, the stock is currently trading near its Fair Value, with additional insights available in the comprehensive Pro Research Report, one of 1,400+ detailed company analyses available to subscribers.

In other recent news, News Corp has reaffirmed its commitment to a $1 billion stock repurchase program, which involves buying back both Class A and Class B common stock. This initiative was detailed in a recent filing with the U.S. Securities and Exchange Commission (SEC) and is also reported daily to the Australian Securities Exchange (ASX) as required. The repurchase program is part of News Corp’s broader strategy to manage capital and deliver value to shareholders. The company has not specified a timeline or exact number of shares to be repurchased, emphasizing that these decisions will depend on market conditions and other factors. News Corp’s management has noted that forward-looking statements regarding the buyback are subject to uncertainties, including market fluctuations and legal requirements. The filing also highlights that these statements are based on current expectations and may change over time. Investors and market observers often view such repurchase programs as a sign of confidence in the company’s financial health. News Corp’s ongoing efforts in this area continue to be a point of interest for shareholders.

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