What is driving News Corp’s (ASX:NWS) shares higher today?

2 min read | October 17, 2022 02:02 PM AEDT | By Team Kalkine Media

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What is driving News Corp’s (ASX:NWS) shares higher today? — Image source: © Joreks | Megapixl.com

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Highlights

News Corp shares are on the rise today (17 October 2022), trading at AU$26.930 (as on 1:15 PM AEDT).

The company is buying back its shares; 5,790,138 equities have already been bought.

News Corp revenue has increased by 11% in comparison to last year.

American mass media and publishing company News Corporation (ASX:NWS), commonly known as News Corp, is trading in the green zone on ASX today (17 October 2022).

The price of NWS shares were quoted at AU$26.930 apiece, up 3.976% at 1:15 PM AEDT.

Around the same time, the S&P/ASX200 index was substantially down, along with all 11 sectors. S&P/ASX200 was at 6,660.60 after losing 98.20 points. Over the past five days, the index has fallen marginally, and over the past 52 weeks, it has declined 10.53%.

What’s boosting News Corp’s share prices?

Despite any major announcement by the company, NWS shares are on the rise. Below are a few factors that might be positively impacting its share prices:

Company’s buy-back operations: News Corp has been posting notices on ASX about its buy-back program. The business has decided to repurchase Class A and Class B common stocks (a total of 152,661,092) for a maximum total of US$1 billion. According to the company's buy-back notification announcement on ASX, News Corp has successfully purchased 5,790,138 equities to date, of which 41,650 shares were purchased on 14 October 2022.

Potential combination with Fox Corporation: On 14 October 2022, the company announced on ASX to have formed a special committee consisting of independent and disinterested board members. The primary focus behind creating this special committee is to begin exploring a potential combination with Fox Corporation. However, there can be no assurance that the company will engage in such a deal as the special committee has not made any decisions regarding any such potential merger as of yet.
News Corp also released its fourth quarter and full-year results for fiscal 2022 on 8 August 2022. According to which, revenues for the entire fiscal year 2022 totalled US$10.39 billion, while net income was US$760 million. The company witnessed an increase of 11% in revenues from US$9.36 billion in the prior year, and its net income rose by 95% from US$389 million.

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