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News Corp (NASDAQ:NWSA, NASDAQ:NWS), the $17 billion media conglomerate, reported Monday that it continues to be authorized to repurchase up to $1 billion in aggregate of its outstanding Class A and Class B common stock under existing stock repurchase programs. The company’s strong financial position, with $727 million in free cash flow and a healthy current ratio of 1.84, supports this buyback initiative. According to InvestingPro analysis, News Corp maintains a "Good" overall financial health score, suggesting solid fundamentals backing its capital return strategy. The company stated that, in compliance with Australian Securities Exchange (ASX) rules, it provides daily disclosures to the ASX regarding transactions made under these repurchase programs, if any occur. Additionally, News Corp includes information about the repurchase programs in its quarterly and annual reports. The stock has shown positive momentum, delivering a 9.85% return year-to-date. For deeper insights into News Corp’s valuation and growth prospects, including exclusive ProTips and comprehensive analysis, check out the detailed Research Report available on InvestingPro.
The announcement was made in a filing with the U.S. Securities and Exchange Commission and included as exhibits the information provided to the ASX. The company noted that any statements about its intent to repurchase stock are forward-looking and subject to change based on factors such as market price, general market conditions, applicable securities laws, and alternative investment opportunities.
News Corp emphasized that it is not obligated to update forward-looking statements unless required by law or regulation. The information in this article is based on a press release statement included in the SEC filing.
In other recent news, News Corp has reiterated its authorization to repurchase up to $1 billion of its Class A and Class B common stock under existing stock repurchase programs. The company has filed updates with the Securities and Exchange Commission, ensuring compliance with the Australian Securities Exchange’s requirement for daily disclosure of transactions. News Corp includes comprehensive information about its repurchase activities in its quarterly and annual reports. The company emphasized that its intent to repurchase shares may be influenced by factors such as market price, general market conditions, applicable securities laws, and alternative investment opportunities. This ongoing authorization highlights News Corp’s commitment to managing its capital structure. The company has consistently communicated this information through press releases and SEC filings. Forward-looking statements about the repurchase program are based on current expectations and are subject to change.
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