News Corp announced today that it has begun repurchasing shares of Class
A Common Stock under its previously disclosed buyback program.
This marks the first time the company has bought back stock under the
program since the "new" News Corp was established as a separate,
publicly-traded company in mid-2013.
"We had indicated to investors that we needed two years to set the new
News firmly on a digital and global course, and are confident that the
substantial progress made thus far enables us to take this positive
action ahead of schedule," said News Corp Chief Executive Robert
Thomson. "The development of our print businesses, the prudent extension
of our portfolio and the stewardship of our resources mean that we are
able to consider our capital allocation options from a position of
strength. Our buyback program is clearly a vote of confidence in the
company's prospects and its potential."
Future repurchases, if any, will depend on the company’s liquidity and
cash flow, as well as general market conditions and other considerations.
Since the separation of News Corporation into two companies in 2013,
News Corp has pursued a strategy of digital and global growth, and has
created a diverse line of businesses, bolstered by such acquisitions as
Harlequin and Move, Inc.
Forward-Looking Statements
This document contains certain “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based on management’s views and assumptions regarding
future events and business performance as of the time the statements are
made. Actual results may differ materially from these expectations due
to changes in global economic, business, competitive market and
regulatory and other factors. More detailed information about these and
other factors that could affect future results is contained in News
Corp’s filings with the Securities and Exchange Commission. The
“forward-looking statements” included in this document are made only as
of the date of this document and we do not have any obligation to
publicly update any “forward-looking statements” to reflect subsequent
events or circumstances, except as required by law.
About News Corporation
News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) is a global,
diversified media and information services company focused on creating
and distributing authoritative and engaging content to consumers
throughout the world. The company comprises businesses across a range of
media, including: news and information services, book publishing, cable
network programming in Australia, digital real estate services, digital
education, and pay-TV distribution in Australia. Headquartered in New
York, the activities of News Corporation are conducted primarily in the
United States, Australia, and the United Kingdom. More information is
available at: www.newscorp.com.
Copyright Business Wire 2015