MUMBAI: News Corp has begun repurchasing shares of Class A Common Stock under its previously disclosed buyback program.
This marks the first time that 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. 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,” said News Corp CEO Robert Thomson.
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.