News Corp updates on ongoing $1 billion stock repurchase program

News Corp (NASDAQ:NWSA) (NASDAQ:NWSA, NASDAQ:NWS), the $17.5 billion media conglomerate currently trading at $29.43, provided an update Monday on its ongoing stock repurchase program, which authorizes the company to acquire up to $1 billion of its outstanding Class A and Class B common shares.

The company stated that, under the rules of the Australian Securities Exchange (ASX), it is required to disclose share repurchase transactions on a daily basis to the ASX. News Corp also provides information on the repurchase program in its quarterly and annual reports. According to InvestingPro data, the company maintains a strong financial health score and generates substantial free cash flow of $701 million.

The update did not include new details on the amount of shares repurchased or specific transaction data. The company reiterated that its statements regarding the intent to repurchase shares are forward-looking and subject to market conditions, stock price, applicable securities laws, and other factors.

This information is based on a press release statement included in a filing with the U.S. Securities and Exchange Commission. InvestingPro analysis indicates that News Corp’s stock is currently trading near its Fair Value, with a strong Piotroski score of 8, suggesting solid financial performance.

In other recent news, News Corp has provided updates on its ongoing $1 billion stock repurchase program. The company continues to be authorized to buy back up to $1 billion of its Class A and Class B common shares. News Corp is required to submit daily updates on any repurchase transactions to the Australian Securities Exchange (ASX), as detailed in their recent 8-K filing with the Securities and Exchange Commission. The company includes information about the program in its quarterly and annual reports, adhering to both ASX rules and SEC regulations. The repurchase program is part of News Corp’s capital allocation strategy, although the actual repurchase activities depend on factors like stock price changes, market conditions, and applicable securities laws. Forward-looking statements in the filing indicate that the company’s repurchase plans may change based on these variables. News Corp has reiterated that it is not obligated to update these forward-looking statements unless required by law. This information is based on recent filings and disclosures by the company.

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