NEW YORK – News Corporation has announced the ongoing execution of its stock repurchase program, which authorizes the buyback of up to $1 billion of its Class A and Class B common stock. The disclosure, made in a recent SEC filing, indicates that the media conglomerate is actively pursuing the repurchase of its shares from the market.
The company, listed on the Nasdaq Global Select Market under the tickers NASDAQ:NWSA for its Class A common stock and NASDAQ:NWS for its Class B common stock, has been providing daily updates to the Australian Securities Exchange (ASX) as required by its rules. These updates are also included in News Corp (NASDAQ:NWSA)'s quarterly and annual reports to offer transparency to its shareholders and the investing public.
The repurchase program is part of a broader strategy to manage the company's capital allocation. News Corp's management has expressed that the buyback plan is contingent on a variety of factors, including the market price of its stock, prevailing market conditions, and alternative investment opportunities. The company also noted that the repurchases would be made in compliance with the applicable securities laws.
In its SEC filing dated July 9, 2024, News Corp included forward-looking statements regarding its intention to repurchase shares over time. However, these statements are subject to changes in circumstances and actual results may differ materially from those projected due to market volatility, legal requirements, and other risks described in the company's regulatory filings.
This announcement comes as part of News Corp's ongoing efforts to enhance shareholder value. The company has not specified a timeline for the completion of the stock repurchase program, and it maintains the discretion to adjust the program as necessary in response to changing market conditions and strategic considerations.
Investors and stakeholders are encouraged to review News Corp's filings with the Securities and Exchange Commission for detailed information about the repurchase program and other corporate activities.
The company has cautioned that forward-looking statements should not be regarded as a guarantee of future performance and that it does not undertake any obligation to update such statements, except as required by law or regulation.
This report is based on information provided in a press release statement and the recent SEC filing by News Corporation.
In other recent news, News Corp continues to make significant progress with its $1 billion stock repurchase program. The company is authorized to buy back its outstanding shares of Class A and Class B common stock.
This program is part of News Corp's strategy to enhance shareholder value and requires daily disclosure of repurchase transactions to the Australian Securities Exchange.
News Corp reported a substantial 53% increase in free cash flow to $491 million in the third quarter of fiscal year 2024, primarily driven by growth in digital subscriptions and cost savings. Digital revenues now account for over half of the company's total revenue, indicating a successful shift towards a more digital-focused business model.
In line with this digital growth, News Corp has announced plans for further digital expansion, including The Times of London's venture into the US market. These recent developments underscore the company's ongoing strategy to adapt and thrive in the evolving media landscape. These are among the recent developments in News Corp's business strategy and financial performance.
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