David Jarvis

David Jarvis inquired about News Corp's M&A strategy, given broad valuation de-ratings, its balance sheet, and cash generation, asking about areas of interest or complementary acquisitions, or if the preference is to monitor AI developments and execute the buyback program.

Answer

CEO Robert Thomson stated that News Corp maintains 'the option of optionality,' continuously seeking external investments that make sense at reasonable prices, while also investing organically in growth opportunities. CFO Lavanya Chandrashekar elaborated on the buyback program, confirming continuous evaluation to maximize shareholder value. She noted that $172 million in shares were repurchased in Q2, with expectations for a higher rate and meaningfully more total dollars repurchased in the second half of the fiscal year.

David Harvis, an analyst at Macquarie, asked about News Corp's M&A strategy given broad valuation de-ratings, its strong balance sheet, and cash generation, seeking insight into areas of interest or complementary acquisitions, and whether the current preference is to monitor AI developments versus executing the buyback program.

Answer

Robert Thomson, CEO of News Corp, stated that the company maintains "the option of optionality," continuously seeking external investments that make strategic sense at reasonable prices, while also investing organically in growth opportunities. Lavanya Chandrashekar, CFO of News Corp, elaborated on the buyback program, confirming continuous evaluation, a focus on maximizing shareholder value, and the repurchase of $172 million in shares during the second quarter, with expectations for a higher rate and meaningfully more total dollars repurchased in the second half.