News Corp announces new $1 billion share buyback plan

News Corp NWS said on Tuesday its board has authorized a $1 billion stock repurchase program, expanding on the Dow Jones owner's existing plan.

The total authorization now stands at $1.3 billion as nearly $303 million is remaining under the buyback plan from September 2021.

News Corp plans to begin the share repurchase at an accelerated pace after its fourth-quarter financial results in early August, once trading black-out restrictions are lifted.

A trading blackout period is a timeframe when company insiders are barred from buying or selling its shares.

The new program has no time limit and may be modified, suspended or discontinued at any time, the company said.

Last month, News Corp extended CEO Robert Thomson's contract through June 2030. He was appointed as CEO in 2013 and his contract was extended in 2023 until 2027.

Under his leadership, the company sold its Australian cable-TV unit Foxtel to British-owned sports network DAZN for A$3.4 billion last year.