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News Corp (NASDAQ:NWSA, NASDAQ:NWS), the $17.85 billion media conglomerate trading at $30.62, reported Monday that it remains authorized to repurchase up to $1 billion of its Class A and Class B common stock under its existing stock repurchase programs. The company disclosed this information in a filing with the Securities and Exchange Commission.
According to the statement, News Corp is required to provide daily disclosure of transactions related to its repurchase programs to the Australian Securities Exchange (ASX), in addition to quarterly and annual reports to the SEC. The company included as exhibits the information provided to the ASX on the respective dates. InvestingPro data shows the company maintains a "Good" financial health score, with the stock delivering impressive returns of ~17% over the past year.
The filing reiterates that any statements regarding the company’s intent to repurchase shares are forward-looking and subject to various factors, including market price of the stock, general market conditions, applicable securities laws, and alternative investment opportunities. News Corp stated that it does not undertake any obligation to update such forward-looking statements except as required by law or regulation.
News Corp’s Class A and Class B common stock are both listed on the Nasdaq Global Select Market under the symbols NWSA and NWS, respectively.
This article is based on a press release statement filed with the SEC.
In other recent news, News Corp has been actively engaging in its stock repurchase programs, with authorization to buy back up to $1 billion in aggregate of its outstanding Class A and Class B common stock. The company consistently provides daily disclosures of any transactions under these programs to the Australian Securities Exchange (ASX), adhering to ASX rules. Additionally, News Corp includes information about these repurchase activities in its quarterly and annual reports. The company has not announced any changes to the authorization amount or the terms of the repurchase programs. These updates were shared in filings with the U.S. Securities and Exchange Commission and included exhibits with details provided to the ASX. News Corp’s actions reflect its ongoing commitment to managing its capital structure through these authorized buybacks. The company emphasizes that actual repurchase results may vary due to factors like market price changes and general market conditions.
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