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News Corp (NASDAQ:NWSA, NASDAQ:NWS), the $17.2 billion media conglomerate, filed an update Monday with the Securities and Exchange Commission regarding its ongoing stock repurchase programs. According to the press release statement, the company is authorized to acquire up to $1 billion in aggregate of its outstanding Class A and Class B common stock. With a strong financial health score rated as "GOOD" by InvestingPro and $727 million in free cash flow, the company appears well-positioned to execute this buyback program.
The filing notes that, under the rules of the Australian Securities Exchange, News Corp is required to provide daily disclosure of transactions related to its repurchase programs. The company also includes information about the programs in its quarterly and annual reports. Trading near $30.50 and showing an 11.16% year-to-date return, News Corp maintains a healthy current ratio of 1.84, indicating strong liquidity. InvestingPro analysis suggests the stock is currently fairly valued, with additional insights available in the comprehensive Pro Research Report.
Exhibits attached to the filing include copies of information provided to the Australian Securities Exchange on the respective dates noted. The company stated that some information in the exhibits contains forward-looking statements regarding its intent to repurchase shares, and that actual results may differ due to factors such as market price changes, market conditions, and applicable securities laws.
The update was signed by Michael L. Bunder, Senior Vice President, Deputy General Counsel and Corporate Secretary. This information is based on a press release statement included in the SEC filing.
In other recent news, News Corp announced it remains authorized to repurchase up to $1 billion of its Class A and Class B common stock under existing stock repurchase programs. The company is required to provide daily disclosures of any repurchase transactions to the Australian Securities Exchange and includes updates in its quarterly and annual reports. This ongoing authorization was confirmed in a filing with the U.S. Securities and Exchange Commission, which also included information shared with the Australian Securities Exchange. News Corp reiterated that its intent to repurchase shares could be influenced by various factors such as market price, general market conditions, and applicable securities laws. The company emphasized that any forward-looking statements regarding the repurchase program are based on current expectations and subject to change. No new transactions or changes to the repurchase authorization were specified in the recent filings. News Corp’s management may decide to repurchase shares based on market conditions and other relevant factors.
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