Shares of News Corp /zigman2/quotes/204787942/composite NWS -1.43% rose 0.6% in premarket trading Wednesday as the media and information services company said it has 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 to be bought as of July 30 . The new program, 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 /zigman2/quotes/210599714/realtime SPX +0.25% has gained 2.5%. News Corp is the parent of MarketWatch publisher Dow Jones.