News Corp. Announces $1 Billion Buyback Program

News Corporation has announced a repurchase program for up to an aggregate of US$1 billion of the Company’s Nasdaq-listed Class A common stock and Class B common stock. As of the date of the announcement, the company has purchased approximately US$504,828,279.69 worth of Class A and Class B shares.

The total number of securities on issue in the class of securities to be bought back is 375,983,441, and the total number of securities proposed to be bought back under the program is up to an aggregate of US$1 billion of Class A common stock and Class B common stock.

The company has bought back or received acceptances for 17,772,583 securities, with a total consideration paid or payable for the securities amounting to US$336,211,185.06. The highest price paid for the securities was US$27.09, while the lowest price paid was US$14.88.

The anticipated date for the buy-back to occur is 22/9/2021, and the announcement was made on 02/04/2024.

The Company may purchase up to an aggregate of US$1 billion of Class A common stock and Class B common stock, and the buy-back is being conducted for cash consideration in USD.

The Company has also disclosed that no ASX-listed CDIs will be repurchased in this program.

These figures represent a significant buy-back effort by News Corporation, indicating a strategic move to enhance shareholder value. As a result of these announcements, the company's shares have moved -0.9% on the market, and are now trading at a price of $25.57. Check out the company's full 8-K submission here.

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