The press release from News Corporation provides an update on its buy-back program for its Class A common stock and Class B common stock. The company has disclosed that it may repurchase up to an aggregate of US$1 billion of its Nasdaq-listed stock, and as of the most recent notification, it has purchased approximately US$559,405,816.60 worth of Class A and Class B shares.
In terms of the buy-back details, the total number of securities on issue in the class of securities to be bought back stands at 374,728,592. On the previous day, the company bought back 19,156,391 securities, with a total consideration paid of US$372,622,885.50. The highest price paid for securities was US$28.61, while the lowest price paid was US$14.88.
The announcement also indicates that the company intends to carry out the buy-back on or around 22/9/2021, with the primary reason for the buy-back stated as the enhancement of shareholder value.
This update provides a comprehensive insight into the buy-back program and the company's progress in repurchasing its own securities, reflecting a significant amount of activity and investment in its own stock. Following these announcements, the company's shares moved -0.6%, and are now trading at a price of $27.41. Check out the company's full 8-K submission here.
