News Corporation Spends $347M in Buy-Back Program

News Corporation has provided an update on its buy-back program, with the latest notification dated May 13, 2024. The company has bought back a total of 18,228,787 securities, or in relation to which acceptances have been received, since the previous notification on May 10, 2024. The total consideration paid or payable for the securities amounts to US$347,479,927.35, with the highest price paid being US$27.09 and the lowest price paid being US$14.88.

The company has also disclosed that it is authorized to acquire up to an aggregate of US$1 billion of its Nasdaq-listed Class A common stock and Class B common stock. As of the latest notification, the company has purchased approximately US$521,766,145.98 worth of Class A and Class B shares based on the total consideration paid.

These figures indicate the company's ongoing commitment to its buy-back program, with a significant amount spent on repurchasing its own securities. This strategy aims to enhance shareholder value and reflects the company's confidence in its financial position and future prospects. As a result of these announcements, the company's shares have moved 1.2% on the market, and are now trading at a price of $25.34. For more information, read the company's full 8-K submission here.

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