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News Corporation (NASDAQ:NWSA), currently valued at $16.72 billion, has announced a stock repurchase program, authorizing the acquisition of up to $1 billion in aggregate of its Class A and Class B common stock. The company, which is registered on The Nasdaq Global Select Market and maintains a healthy financial position with a "Good" overall health score according to InvestingPro, disclosed this information in a recent 8K filing with the Securities and Exchange Commission.
Under the program, News Corp will provide daily transaction disclosures to the Australian Securities Exchange (ASX) as required by ASX rules. The company, which generated $10.27 billion in revenue over the last twelve months and maintains $701 million in free cash flow, will also include details of the repurchase activities in its quarterly and annual reports.
The filing notes that the repurchase plan is subject to market conditions, applicable securities laws, and other factors. It includes forward-looking statements that are based on current expectations and are subject to uncertainties and changes in circumstances. With analyst price targets ranging from $26.50 to $45.00, detailed analysis and valuation metrics are available through InvestingPro’s comprehensive research reports. The company has stated that it does not undertake any obligation to update these forward-looking statements publicly, except as required by law.
This announcement comes as part of News Corp’s ongoing strategy to manage its capital and return value to shareholders. The company, incorporated in Delaware, operates in the publishing and printing industry, with its principal executive offices located in New York City. According to InvestingPro’s Fair Value analysis, the stock currently appears to be fairly valued, with additional insights available in the platform’s detailed research reports covering over 1,400 US equities.
The repurchase program’s progress and any transactions made under it will be disclosed as part of News Corp’s regular financial reporting. The company’s Class A and Class B common stocks are traded under the symbols NWSA and NWS, respectively, on The Nasdaq Global Select Market.
This information is based on a press release statement included in the SEC filing.
In other recent news, News Corporation has announced the continuation of its stock repurchase program, as detailed in multiple SEC filings. The company is authorized to buy back up to $1 billion of its Class A and Class B common stock. This ongoing program reflects News Corp’s strategy to manage capital and enhance shareholder value. The company is required to report daily on any buyback transactions to the Australian Securities Exchange, with updates included in its quarterly and annual reports. Forward-looking statements in the filings indicate that the repurchase plans are subject to market conditions and other investment opportunities. News Corp has stated that actual results may differ from current expectations due to various factors, including market prices. The company does not have any obligation to update these forward-looking statements unless required by law. This update is part of News Corp’s efforts to manage its capital structure and return value to its shareholders.
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