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.

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at

Tagged In

news corp sai-us