News Corporation has provided an update on its buy-back program, announcing that it may repurchase up to an aggregate of US$1 billion of its Nasdaq-listed Class A common stock and Class B common stock. The total number of securities on issue in the class of securities to be bought back is 375,021,845, and the company has purchased approximately US$545,039,051.73 worth of Class A and Class B shares as of the previous day's buy-back notification.
The total number of securities proposed to be bought back is up to US$1 billion, with the highest price paid for securities being US$28.02 and the lowest price paid at US$14.88. The total consideration paid or payable for the securities is US$363,020,591.80.
The company has not disclosed an intention to buy back a maximum number of securities, and there are no restrictions on foreign participation in the buy-back. The buy-back does not require security holder approval, and there are no other conditions that need to be satisfied before the buy-back offer becomes unconditional.
The anticipated date of the buy-back is September 22, 2021. This announcement serves as an update/amendment to the previous buy-back notification, which was initially made on September 22, 2021. The company also disclosed that the remaining number of securities to be bought back as of the end of the previous day was calculated at approximately US$454,960,948.27. Following these announcements, the company's shares moved -0.4%, and are now trading at a price of $27.73. For more information, read the company's full 8-K submission here.
