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News Corporation (NASDAQ:NWSA, NASDAQ:NWS), the $18 billion media conglomerate whose stock has gained nearly 13% year-to-date, reported Monday that it continues to operate its previously authorized stock repurchase programs, which allow for the acquisition of up to $1 billion in aggregate of its outstanding Class A and Class B common shares. With a healthy free cash flow of $727 million and a strong financial health score according to InvestingPro, the company appears well-positioned to execute its buyback program. The company is required to disclose daily transactions under these programs to the Australian Securities Exchange (ASX) and also provides updates in its quarterly and annual reports. InvestingPro analysis indicates the stock is currently trading near Fair Value, with multiple ProTips available regarding the company’s capital allocation strategy.
According to the press release statement included in the SEC filing, News Corp attaches as exhibits copies of the information provided to the ASX regarding these repurchase activities. The company notes that forward-looking statements related to its intent to repurchase shares are subject to change based on market price, general market conditions, relevant securities laws, and other factors.
The filing reiterates that News Corp is not obligated to update any forward-looking statements except as required by law or regulation. No additional financial results or specific repurchase amounts were disclosed in this filing.
This information is based on a statement included in News Corp’s Form 8-K filed with the Securities and Exchange Commission.
In other recent news, News Corp has reaffirmed its authorization to repurchase up to $1 billion of its Class A and Class B common stock under existing stock repurchase programs. The company disclosed this update in a filing with the U.S. Securities and Exchange Commission, stating it remains committed to its stock buyback strategy. As part of the compliance with Australian Securities Exchange (ASX) rules, News Corp continues to provide daily disclosures regarding any transactions related to these repurchase programs. These disclosures are also included in the company’s quarterly and annual reports. The company has attached copies of recent information provided to the ASX as exhibits in its latest filings. No changes have been made to the authorization amount or the terms of the program. News Corp also included forward-looking statements about its intent to repurchase shares, although it acknowledged that actual results might vary due to market conditions and other factors.
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