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News Corp (NASDAQ:NWSA) (NASDAQ:NWSA, NASDAQ:NWS), currently trading near its InvestingPro Fair Value with a market capitalization of $17.36 billion, reported Wednesday that its previously authorized stock repurchase program remains in effect, allowing the company to acquire up to $1 billion in aggregate of its outstanding Class A and Class B common shares. The update was disclosed in a press release statement filed with the Securities and Exchange Commission.
The company stated that, under the rules of the Australian Securities Exchange (ASX), it provides daily disclosures of any transactions made through the repurchase program to the ASX. News Corp, which maintains a strong financial health score of "GOOD" according to InvestingPro metrics, also includes information about the program in its quarterly and annual reports.
No new transactions or changes to the repurchase program were announced in the filing. The company reiterated that statements regarding its intent to repurchase shares are forward-looking and subject to change based on market conditions, stock price, applicable laws, and other factors.
The information is based on a press release statement included in the SEC filing.
In other recent news, News Corporation has announced updates to its ongoing $1 billion stock repurchase program. The company is authorized to buy back up to $1 billion of its outstanding Class A and Class B common stock, as disclosed in recent filings with the Securities and Exchange Commission (SEC). News Corp is required to provide daily updates on these repurchases to the Australian Securities Exchange (ASX) and include this information in its quarterly and annual reports. The company’s filings emphasize that the repurchase activities are influenced by several factors, such as market conditions and applicable securities laws. Forward-looking statements in the filings indicate that actual repurchase activities may vary from current intentions due to these factors. News Corp has stated that it does not have any obligation to update these forward-looking statements unless required by law. This stock repurchase program is part of News Corp’s strategy to manage its capital and enhance shareholder value. The company’s Class A and Class B common stocks are traded on the Nasdaq Global Select Market.
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