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 latest notification, the total number of securities on issue in the class of securities to be bought back is 375,432,865, and the company may purchase up to an aggregate of US$1 billion of Class A common stock and Class B common stock.
The company has disclosed that it does not intend to buy back a minimum number of securities, but it does intend to buy back a maximum number of securities. The maximum number of securities proposed to be bought back is also up to an aggregate of US$1 billion of Class A common stock and Class B common stock. The buy-back consideration will be paid in US dollars, and the price to be paid for securities bought back is currently not known.
In the most recent notification, the company has bought back a total of 18,350,659 securities, with a total consideration paid or payable for the securities amounting to US$350,633,790.52. The highest price paid for the securities was US$27.09, while the lowest price paid was US$14.88. As of the end of the previous day, the company is authorized to acquire up to an aggregate of US$1 billion of the Company’s Nasdaq-listed Class A common stock and Class B common stock, with approximately US$526,442,327.76 worth of Class A and Class B shares already purchased based on total consideration paid.
The anticipated date for the buy-back to occur is set for 22/9/2021, and no other specific buy-back restrictions or conditions have been mentioned in the notification. As a result of these announcements, the company's shares have moved 2.5% on the market, and are now trading at a price of $26.52. For the full picture, make sure to review News's 8-K report.
