News Corp continues stock repurchase program

News Corporation (current market cap: $15.13 billion) has announced the continuation of its stock repurchase program, as detailed in its latest SEC Form 8-K filing. The company, known for its presence in the publishing industry, is authorized to buy back up to $1 billion of its outstanding Class A and Class B common stock. According to InvestingPro data, the company’s stock currently trades at $25.35 and shows signs of being slightly undervalued based on comprehensive Fair Value analysis.

The information, made public on Monday, reveals that under the rules of the Australian Securities Exchange, News Corp (NASDAQ:NWSA) is obliged to report daily any transactions made under this program. The company also discloses repurchase program details in its quarterly and annual reports.

The repurchase initiative is part of News Corp’s strategy to manage its capital allocation. The actual number of shares to be repurchased and the timing of the repurchases will depend on several factors, including stock price, market conditions, and applicable legal requirements.

News Corp’s commitment to the repurchase program underscores management’s confidence in the company’s financial strength and long-term value proposition. However, the forward-looking statements provided by the company indicate that actual results could vary due to market conditions and other factors.

Investors are reminded that such forward-looking statements are based on current expectations and that actual outcomes may differ materially. News Corp has stated that it does not have any obligation to update the forward-looking statements unless required by law.

This announcement is based on the most recent 8-K filing by News Corp to the SEC, which serves as the source of this information.

In other recent news, News Corp has confirmed the continuation of its stock repurchase program, which authorizes the company to buy back up to $1 billion of its Class A and Class B common stock. This ongoing program is part of News Corp’s strategy to return value to shareholders, with transactions reported daily to the Australian Securities Exchange (ASX). The company has reiterated its commitment to this program despite acknowledging potential market fluctuations and legal factors that could influence its execution. Additionally, Citi has maintained a Buy rating for News Corp, setting a price target of $36. Citi’s analysts anticipate a strategic spin-off of REA to News Corp’s shareholders within the next 24 months, which they believe could enhance shareholder value. This spin-off is expected to streamline News Corp’s operations and focus on its core media and information services. The company’s recent SEC filings provide further details about the repurchase program and emphasize transparency in its financial strategies. Investors are advised to review these filings for more comprehensive information on News Corp’s financial position and future plans.

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