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News Corporation (NASDAQ:NWSA) (NASDAQ:NWS), a global diversified media and information services company with a market capitalization of $15.9 billion and annual revenue of $10.25 billion, has announced the ongoing execution of its stock repurchase program. The company, incorporated in Delaware and headquartered in New York, is authorized to buy back up to $1 billion worth of its Class A and Class B common stock over time. According to InvestingPro analysis, the company’s stock is currently trading near its Fair Value, suggesting the timing of these buybacks aligns with reasonable valuations.
The company’s repurchase activity is reported daily to the Australian Securities Exchange (ASX) in compliance with its rules, and disclosures are also included in News Corp’s quarterly and annual reports. The latest information provided to the ASX, as attached in Exhibits 99.1 and 99.2 of the SEC filing, details the company’s recent transactions under this program.
The repurchase program, which is part of News Corp’s capital allocation strategy, is subject to market conditions, applicable laws, and other investment opportunities. With a healthy current ratio of 1.73 and a moderate debt-to-equity ratio of 0.36, InvestingPro data shows the company maintains a GOOD financial health score, supporting management’s decision to return capital to shareholders. The company’s management believes that the repurchase of shares is a prudent use of its capital and demonstrates confidence in the long-term value of the company. For deeper insights into News Corp’s financial health and valuation metrics, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
The SEC filing contains forward-looking statements regarding News Corp’s intention to repurchase shares from time to time. However, these statements are subject to various factors, including market prices, general market conditions, and regulatory considerations. The company’s filings with the Securities and Exchange Commission describe the risks and uncertainties that could affect actual results.
Investors should note that forward-looking statements are based on current expectations and beliefs and may change over time. News Corp does not commit to updating any forward-looking statements publicly, except as required by law.
This news is based on a recent SEC filing by News Corporation. The company’s stock is listed on the Nasdaq Global Select Market under the symbols NWSA for Class A common stock and NWS for Class B common stock. Currently trading at $27, the stock has maintained a strong position within its 52-week range of $22.65 to $30.69, while generating $663 million in free cash flow over the last twelve months.
In other recent news, News Corp has reaffirmed its commitment to its $1 billion stock repurchase program, as detailed in several filings with the Securities and Exchange Commission (SEC). The company is authorized to buy back up to $1 billion of its outstanding Class A and Class B common stock, a move that is part of its broader capital allocation strategy aimed at enhancing shareholder value. News Corp is required to report its buyback activities to the Australian Securities Exchange (ASX) on a daily basis, ensuring transparency with investors. The SEC filings include forward-looking statements regarding the company’s intentions to repurchase shares periodically, though these plans are subject to change based on market conditions and other factors.
The company emphasizes that the forward-looking statements are based on current expectations and are influenced by various risks and uncertainties. News Corp has also stated that it does not commit to updating these statements publicly, except as required by law. The ongoing repurchase program reflects the company’s strategic financial decisions within the regulatory frameworks of both the SEC and ASX. Investors and market watchers are closely monitoring the implementation of this program for its potential impact on the company’s stock performance.
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