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 previous day, the company has bought back a total of 18,466,699 securities for a total consideration of US$353,751,313.41, with the highest price paid being US$27.76 and the lowest being US$14.88. The company is authorized to acquire up to US$1 billion worth of Class A and Class B shares, and to date, it has purchased approximately US$531,118,584.34 worth of shares.
The total number of securities on issue in the class of securities to be bought back is 375,301,686, and the company may purchase up to an aggregate of US$1 billion of Class A common stock and Class B common stock.
The anticipated date the buy-back will occur is 22/9/2021.
The Company has disclosed that it intends to repurchase, from time to time, in the open market or otherwise, a combination of the Company’s Class A common stock and Class B common stock, and no ASX-listed CDIs will be repurchased in this program.
The buy-back does not require security holder approval, and there are no restrictions on foreign participation in the buy-back. The buy-back is being conducted for cash consideration in USD.
The reason for the buy-back is to enhance shareholder value.
The company has notified ASX about the buy-back on 07/06/2024, and the previous day on which securities were bought back was 06/06/2024.
These figures represent a significant increase in the buy-back program compared to the previous period, demonstrating the company's commitment to returning value to its shareholders through this repurchase program. As a result of these announcements, the company's shares have moved -2.0% on the market, and are now trading at a price of $27.16. For more information, read the company's full 8-K submission here.
