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News Corp To Buy Back $5 Billion In Stock Over Next 12 Months
At least News Corp. shareholders have something to be smiling about (for a few more days). The beleaguered company, which has many more problems in its future, has just announced it will proceed with a $5 billion stock buyback over the next 12 months. Perhaps a legal sinking fund may have been a better use of cash, but who are we to advise one way or another.
Full release:
News Corporation today announced that its Board of Directors has approved a stock repurchase program totaling $5 billion.
This program increases the approximately $1.8 billion remaining under the Company's current program to $5 billion. News Corporation is targeting to acquire the $5 billion of Class A common stock and Class B common stock from time to time over the next 12 months.
Repurchases under the program will be made through open market transactions. The timing of such transactions and class of shares purchased depend on a variety of factors, including market conditions and blackout periods. The Company is currently in a blackout period and does not intend to commence the repurchase program until that period expires on August 15, 2011. The share repurchase program does not obligate the company to repurchase any dollar amount or number of shares of its common stock, and the program may be extended, modified, suspended or discontinued at any time.
News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) had total assets as of March 31, 2011 of approximately US$60 billion and total annual revenues of approximately US$33 billion. News Corporation is a diversified global media company with operations in six industry segments: cable network programming; filmed entertainment; television; direct broadcast satellite television; publishing; and other. The activities of News Corporation are conducted principally in the United States, Continental Europe, the United Kingdom, Australia, Asia and Latin America.
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Couldn't happen to a more deserving den of jackals.
Hey. ZH. The site is too slow and sluggish now. WTF did you do.
Got popular. Donated recently?
and if that isn't a blatant stock manipulation, I don't know what is...
Had to laugh at this bit, 'The activities of News Corporation are conducted principally in the United States, Continental Europe, the United Kingdom, Australia, Asia and Latin America.'
That's the whole world isn't it, apart from China and Russia, and Papua New Guinea...
and of course, let's not forget the Marshall Islands...
Sacrilege hasn't fed the (power) hamster in the ZH server lately. Let him eat cake.
Last time I checked, News Corp was doing ok. Or at least much better than NYTimes/WashPo/ABC/NBC/CBS etc. ;)
Oh course it is, now that he has a buyer he wants the stock price up so he can dump shares
All the newsmedia is the same along with hollywood and TV. They all support the elites. Keep watching TV brainwashing sheep.
Murdoch was a big Tony B-Liar supporter. B-Liar brought sharia to england through mass immigration.
lol.
A 5 billion buy back of soon to be worthless stock.
Epic fail.
I know...I know...Rupert Murcoch is smart. Yada. I could theoretically believe this if he was buying a dollar's worth with his own money.
Murdoch tabloids' targets included Downing Street, the Crown
The legal problems (criminal in nature, and seriously criminal) in the U.K. and U.S. that ole' CFR Rupert now faces are staggering.
LULZ.
The only thing missing from this announcement is the concurrent announcement of the granting of increased options to the board for their brilliant management of the crisis, followed by revelation that said options grants have been exercised and dumped.
The US dies a little bit each day, from the inside, its moral rot most clearly exhibited by those at the top of big business.
'and the program may be extended, modified, suspended or discontinued at any time'
He's just saying that if the share price drops he may buy, but if it doesn't he may not. Pure manipulation, nothing more...
TIS, I think rupert is as smart as Jolly Uncle Buffer, no more, no less.
Media Baron, my ass. Just a power-mad megalomaniac who must have been prepared to bend some serious rules for his masters.
Such a den of vipers.
ORI
http://aadivaahan.wordpress.com/2010/09/21/meet-the-press/
I'd say burn the $5 billion but that probably wouldn't be so good for the environment
umm, its funny that no one has even mentioned the legal side of things - there was a few smears put out there in the early stages of all this, claiming that the hacked families and individuals only wanted a compensation payout, typical scumbag tabloid filth - thats all irrelevant now i suppose.
I think this just about says it all!
ORI
Stock should be pretty cheap after 15th Aug, once all the scandals start to be uncovered. Murdoch is scum. Unless you're part of his family, he'll use you and spit you out. Ask the genuine employees of The News of the Screws. Rather than hang the dirtbags, all employees lose. Just so he can try to secure the BSkyB deal. News Corp should not be allowed to own all (or any) of BSkyB, but that was obvious before TSHTF on phone tapping.
wait....so now they are going the way of all other companies hleping Timmy prop up this market. All cash on deck, you are going to buy inflated stocks so you lose youre ass when the shit its the fan....and you know it will
My favorite bit right here:
So basically we are aware the markets will collapse and we will be able to use all of our hoarded cash to enhance our ownership positions. This further limiting of objections from opponents to our agenda through mooting their shareholder interest, will allow us to further dumb down the masses through misinformation.
When all else fails buy back your stock.
It's in the official CEO handbook rigth there between gaming options and screwing your secretary on the sly. Honest, I saw a copy once when I was foraging for food in the local dump.
That is outdated by decades, CD.
We've moved on to rigging and the purchasing/selling unsecurtized CDS and other impossible-to-decipher derivatives, ultraleveraged (28,761x), planting algorithmic-logging devices in competitors' black boxes, re-routing competitors' HFT feeds to Mongolian collocated servers via proxy before pinging it back to New York or New Jersey, and having Insurance Companies openly pay for company sponsored orgies where the hired help wears color-coded wristbands.
Explains why it was in the dump then. But I did find a two day old crumpet under it so all was not lost. I ate well that day.
Hey, whatever system they can devise to keep people like DSK from humping the innocent bystanders is okay by me.
And wasn't Munich Re just spending their bonus the way they would have anyway?
True...true.
Everytime I've ever witness a significant or epic market crash (like in 2008), the three constants I noticed without exception were 1) massive and accelerating buybacks, 2) a sudden ramping of dividends (even if large only as a proportional % of that prior) in a way that smacked of desperation, and 3) "unexpected" and wider misses on broadly lowered-expectations misses on EPS.
Feels like deja vu all over again.
You do Yogi proud with your homage to his street wisdom.
http://en.wikipedia.org/wiki/Yogi_Berra
Bernank's favorite Yogi Berra quote:
The COMEX's favorite Yogi Berra quote:
And (what should be) Paul Krugman's favorite Yogi Berra quote of all time:
That last is a classic. Very apropos comments overall. :-)
ORI
Bravo! Bravo!
I knew there was a reason I liked you. Thanks for reminding me why. :>)
Economic and Financial Affairs Council
Just starting
http://video.consilium.europa.eu/index.php?sessionno=3503&pl=2&lang=EN
Tyler et al, How do know if this douche is tapping YOUR phone? You don't.
The one good thing that came out of this is a heightening of awareness in how unsecure everyday comm technology is. Hushmail and encryption is really not only for the paranoid.
greedion.com
Just a FYI:
hushmail and encryption have both been compromised by governments, pretty much everywhere.
pathetic.
soros will be shorting all day.
Murdoch is the spawn of Goebbels.. Good riddance
He is far from gone. There is always one more roach no matter how many you have killed.
Don't dis Goebbels like that.
All the news media are like him. There is no difference. Ditto TV and hollywood.
I just got spammed with 'Welcome Back to the Wall Street Journal offer' email, which the were sending out quartely, but an 'extra one' just arrived today. (I stopped subscribing to that swill 10 years ago). Murdock is desperate for cash.
I find their tactics reprehensible. But honestly, how is their snooping so much unlike Wikileaks and the Pentagon Papers?
They all reported the truth using unsavory methods. Nobody has accused them of making stuff up. This snooping was petty and gossipy and stupid, but if the invasion of privacy of average citizens upsets people so much (it does me) then they should respond with the same revulsion to government feeling up our genitals and doing the same things to our communications.
This action against News of the World just gets to make government look like they are the protectors of our privacy. They're not.
Question to ponder: If these same methods had been used to expose that the EU had been planning an oil motivated invasion of Libya for years, would they be heros or zeros right now?
Two words Murdoch hopes he doesn't hear in the UK.
Royal Commission.
Very extensive powers.
I detest monarchy of any type, as it just rubs my fondness of meritocracy the wrong way, but yes, they take spying on the Queen and British Royalty, let alone eavesdropping on them, very seriously.
Also, Gordon Brown and Tony Blair were both spied on extensively, if the media reports are accurate.
@gwar5
Agreed. The difference here in the UK is that this backlash has been led by the guardian newspaper, a few (rightly) pissed off celebs (Hugh Grant etc) and a couple of MPs. All just and reasoned and totally right, then bandwagoned by the larger press and media, but tragically if this had been public led, it would have gone fuckin' nowhere. No one bleated about the BskyB takeover (bizarrely) and everyone swallowed the crap line that the phone hacking was the job of a loan reporter. UK - original home of the sheeple.
Meanwhile back in the UK...
The entire British Parliament - government and opposition has unified behind a proposal calling on News Corp to withdraw from the BSkyB deal. Technically the proposal is toothless BUT it opens the door to the government to actively kill the deal rather than hoping a quango will do the job for them. And according to a respected opinion poll 72% of the public believe the deal MUST be stopped.
Then there are questions about why the original police investigation failed... And the observation that senior police involved were "investigated" by the paper concerned. Of course we have it on good authority that there was no blackmail involved...