News Corporation (ASX:NWS) has announced a repurchase program for 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 bought back a total of 19,437,066 securities for a total consideration of US$380,317,848.66. The highest price paid for the securities was US$28.61 on 16/07/2024, while the lowest price paid was US$14.88 on 29/09/2022.
The total number of securities on issue in the class of securities to be bought back is 376,024,597, 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 for the buy-back to occur is 22/9/2021.
It is important to note that no ASX-listed CDIs will be repurchased in this program, and 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. To date, the company has purchased approximately US$571,140,070.29 worth of Class A and Class B shares (based on total consideration paid).
The buy-back does not require security holder approval and there are no restrictions on foreign participation in the buy-back. The reason for the buy-back is stated as "to enhance shareholder value."
These figures demonstrate a significant level of activity in the buy-back program, with substantial amounts of securities repurchased and a considerable amount of consideration paid. This indicates a proactive approach by News Corporation to return value to its shareholders through the buy-back program. Following these announcements, the company's shares moved 0.5%, and are now trading at a price of $26.08. For the full picture, make sure to review News's 8-K report.
