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News Corp (NASDAQ:NWSA, NASDAQ:NWS) reported Thursday that it remains authorized to acquire up to $1 billion in aggregate of its outstanding Class A and Class B common stock under existing stock repurchase programs. The buyback authorization represents approximately 6.4% of the company’s current $15.51 billion market capitalization. According to InvestingPro data, News Corp maintains a healthy balance sheet with a solid current ratio of 1.84 and moderate leverage with a debt-to-equity ratio of 0.34. The company stated that it provides daily disclosure of repurchase transactions to the Australian Securities Exchange, as required by local regulations, and also includes information on the repurchase programs in its quarterly and annual reports. With $727 million in trailing twelve-month free cash flow, News Corp appears well-positioned to execute its buyback program. For deeper insights into News Corp’s financial health and valuation metrics, investors can access the comprehensive Pro Research Report available on InvestingPro.
The update, disclosed in a press release statement filed with the Securities and Exchange Commission, noted that copies of information provided to the Australian Securities Exchange were attached as exhibits in the filing. News Corp reiterated that any forward-looking statements regarding its intent to repurchase shares are based on current management expectations and are subject to changes in market conditions and applicable laws. Based on InvestingPro’s Fair Value analysis, the stock is currently trading near its Fair Value, suggesting balanced pricing for potential buyback execution.
The company did not provide additional details on the timing or volume of any recent repurchases in the filing.
In other recent news, News Corp has reiterated its authorization to repurchase up to $1 billion in aggregate of its Class A and Class B common stock. This ongoing stock repurchase program was highlighted in a filing with the Securities and Exchange Commission, emphasizing the company’s commitment to this financial strategy. News Corp is required to disclose daily transactions related to the repurchase program to the Australian Securities Exchange and includes this information in its quarterly and annual reports. The company has attached copies of information provided to the Australian Securities Exchange as exhibits to its filings, ensuring transparency in its operations. News Corp’s statements about its intent to repurchase shares are forward-looking and subject to various factors such as market price and general market conditions. The company has been consistent in providing updates on this program, indicating a steady approach to managing its stock repurchase activities. These developments reflect News Corp’s ongoing strategy in handling its outstanding shares.
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