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News Corp (NASDAQ:NWSA, NASDAQ:NWS), currently valued at $15.58 billion with shares trading at $26.64, reported Monday that it continues to provide required disclosures regarding its ongoing $1 billion stock repurchase program for its Class A and Class B common stock. The company is authorized to acquire up to $1 billion in aggregate of its outstanding shares under the repurchase programs.
According to a statement based on a press release and filed with the U.S. Securities and Exchange Commission, News Corp is required to disclose daily transactions related to the repurchase program to the Australian Securities Exchange (ASX), in addition to including this information in its quarterly and annual reports. With a "GOOD" Financial Health Score and strong free cash flow of $727 million, the company appears well-positioned to execute its buyback program. InvestingPro subscribers can access detailed analysis of News Corp’s financial strength metrics.
The filing did not provide details on the number of shares repurchased or the timing of specific transactions. Instead, it referenced attached exhibits containing the information provided to the ASX for both Class A and Class B shares.
The company stated that forward-looking statements regarding its intent to repurchase shares are based on current management expectations and are subject to market conditions, stock price, applicable regulations, and other factors. News Corp noted it does not undertake any obligation to update these statements except as required by law.
The information in this article is based on a press release statement included in News Corp’s SEC 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. The company has been actively providing daily disclosures to the Australian Securities Exchange (ASX) regarding transactions made under its stock repurchase programs. This disclosure is a requirement under ASX rules, ensuring transparency in the company’s repurchase activities. Additionally, News Corp includes detailed information about these transactions in its quarterly and annual reports. The ongoing authorization allows News Corp to acquire shares from time to time, as mentioned in the company’s regulatory filings. These filings also emphasize that the repurchase plans are subject to various uncertainties and risks, including market conditions and securities laws. The information was disclosed in a press release statement filed with the Securities and Exchange Commission.
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