News Corp. (NWS,NWSA) Tuesday said it has authorized a new $1 billion stock repurchase program.
The program is in addition to the existing $1 billion program authorized in September 2021, of which $303 million remains outstanding.
The company said it intends to begin executing share repurchases at an accelerated rate following the fiscal 2025 fourth quarter earnings release in early August.
The company intends to repurchase, from time to time, in the open market or otherwise, a combination of the company's Class A common stock and Class B common stock.
"We believe our stock is trading at a significant discount to its intrinsic value, so we are launching a new $1 billion buyback program, which is in addition to the $303 million remaining under our existing program. We also expect to increase meaningfully and materially the pace of repurchases from the current daily rate," said Robert Thomson, News Corp Chief Executive.
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