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News Corporation (NASDAQ:NWSA, NASDAQ:NWS), a $17.42 billion market cap media company with a strong financial health rating according to InvestingPro, reported Monday that it continues to operate under its previously authorized stock repurchase programs, which allow the company to acquire up to $1 billion in aggregate of its outstanding Class A and Class B common stock. The company is required to provide disclosure of these transactions to the Australian Securities Exchange (ASX) on a daily basis and also includes information on the repurchase programs in its quarterly and annual reports. With $727 million in levered free cash flow and a healthy current ratio of 1.84, the company appears well-positioned to execute its buyback program.
The information provided to the ASX, as attached in the company’s latest filing, contains forward-looking statements regarding News Corp’s intent to repurchase shares from time to time. The company noted that actual results may vary due to factors such as changes in the market price of its stock, general market conditions, applicable securities laws, and alternative investment opportunities. Trading near its InvestingPro Fair Value with a year-to-date return of 7.19%, investors can access detailed valuation analysis and 12 additional ProTips about NWSA’s financial outlook through InvestingPro’s comprehensive research reports.
News Corp stated that it does not undertake any obligation to update these forward-looking statements except as required by law or regulation.
This summary is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, News Corp has provided updates on its ongoing stock repurchase programs. The company is authorized to repurchase up to $1 billion in aggregate of its outstanding Class A and Class B common stock. As part of regulatory compliance, News Corp discloses daily transactions related to these repurchase programs to the Australian Securities Exchange. The company also includes updates about these programs in its quarterly and annual reports. The disclosures were made in filings with the U.S. Securities and Exchange Commission, which included information provided to the ASX as exhibits. News Corp mentioned that any forward-looking statements regarding its intent to repurchase shares are based on current management expectations. These statements are subject to uncertainties such as market conditions and applicable securities laws.
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