News Corp.'s Newest Acquisition: Its Own Stock (NWS)

Pali Research Rich Greenfield, a News Corp. bull, finds another reason (reg. required) to invest in Rupert Murdoch’s company: Rupe’s doing it himself

Prior to today, News Corp. had not repurchased a share of stock since its 500K share repurchase of NWSA shares on September 4, 2007 (price paid was $20.27). 8 months, and 10 days later, News Corp. is back in the market buying stock.

According to a filing on the Australian stock exchange (click here), News Corp. bought 1.0 mm shares of NWSA on the NYSE on May 14th at an average price of $18.99.

More to come, Rich predicts, citing the “increasing strength” of News Corp.’s balance sheet. Another reason:  At $19.70, NWS shares are down some 20% from their 52 week high of $25, last seen in October.

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