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News Corp (NASDAQ:NWSA, NASDAQ:NWS), the $17.3 billion market cap media conglomerate with a "Good" financial health rating according to InvestingPro, reported Monday that its board remains authorized to repurchase up to $1 billion in aggregate of its outstanding Class A and Class B common shares under existing stock buyback programs. The company stated that, in accordance with Australian Securities Exchange (ASX) rules, it provides daily disclosures to the ASX regarding any transactions made under these repurchase programs.
The company noted that information about stock repurchases is also included in its quarterly and annual filings. No new changes to the authorization amount or program terms were disclosed in the filing.
News Corp reiterated that statements regarding the company’s intent to repurchase shares are based on current management expectations and subject to market conditions, the price of the company’s stock, and other factors. The company clarified it does not undertake any obligation to update forward-looking statements except as required by law.
This update is based on a statement included in the company’s Form 8-K filing with the Securities and Exchange Commission.
In other recent news, News Corp has been actively updating its stock repurchase program, which allows the company to buy back up to $1 billion of its Class A and Class B common stock. The company is committed to providing daily disclosures to the Australian Securities Exchange (ASX) regarding these transactions, as required by ASX rules. These updates are also included in News Corp’s quarterly and annual reports. The company has reiterated its commitment to transparency by attaching relevant information as exhibits in its filings with the U.S. Securities and Exchange Commission. News Corp’s management has made forward-looking statements about the repurchase program, noting that actual outcomes may vary due to market conditions and other factors. The company emphasizes that these repurchase activities are part of its ongoing financial strategies. As such, the information provided to the ASX includes projections based on current management expectations. The disclosures highlight News Corp’s adherence to regulatory requirements and its strategic financial planning.
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