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News Corp sets new $1 billion stock buyback program

Shares of News Corp rose 0.6% in premarket trading Wednesday, after the media and information services company said it authorized a $1 billion stock repurchase program. The new program replaces the $500 million program authorized in May 2013, of which there was $429 million remaining as of July 30. The new program has no time limit, which the company said has no time limit, represents about 7.8% of News Corp’s market capitalization of $12.83 million as of Tuesday’s close, according to FactSet. News Corp.’s stock has lost 10.1% over the past three months through Tuesday, while the S&P 500 has gained 2.5%. News Corp is the parent of Dow Jones and MarketWatch, the publisher of this report.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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