Rupert Murdoch's News Corp. ( NWS) may not have shattered any shareholder-value records lately, but at least the company is making an effort.

A Merrill Lynch report indicates the New York media titan recently bought back $200 million of its stock over six days under June's $3 billion repurchase plan. The company has bought back $750 million worth of stock all told under the June plan.

"We believe that News Corp. will be active and aggressive in its repurchase program," Merrill Lynch analyst Jessica Reif Cohen said in a note Wednesday. "This is a positive sign for News Corp. shares, in our view, as the program is both supporting the shares and demonstrating the company's willingness to return capital to shareholders/improve its capital structure." Merrill rates the stock buy and seeks to do business with companies it covers.

Separately, private equity firm Exponent last week acquired News Corp.'s TSL Education, a U.K.-based educational publication company, for over $400 million. The Merrill note said it views the sale "positively as this division does not attract a great deal of investor attention and News Corp. could use the funds for new media acquisitions and/or share repurchases."

On Thursday, News Corp. rose 7 cents to $15.89.

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