News Corporation Announces $1 Billion Stock Repurchase Program

By Bobby Samwell • Friday, October 04 15:18 • Permanent Link

News Corporation (ASX:NWS) 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. This program is subject to market conditions and the market price of the company’s stock, as well as other factors.

As of the most recent notification, the total number of securities on issue in the class of securities to be bought back is 375,790,926. The company may purchase up to an aggregate of US$1 billion of Class A common stock and Class B common stock. The company does not intend to buy back a minimum number of securities, but it does intend to buy back a maximum number of securities, which is up to an aggregate of US$1 billion of Class A common stock and Class B common stock.

The company has bought back a total of 19,669,504 securities, or in relation to which acceptances have been received, with a total consideration paid or payable for the securities of US$386,447,690.76. The highest price paid for the securities was US$28.61, and the lowest price paid was US$14.88.

As of the most recent notification, 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$580,504,431.39 worth of Class A and Class B shares based on the total consideration paid.

The anticipated date for the buy-back to occur is 22/9/2021.

The company has disclosed that it intends to buy back the securities for a cash consideration in US dollars. The reason for the buy-back is to enhance shareholder value.

BofA Securities, Inc. is the broker who will offer to buy back securities on the entity’s behalf.

The buy-back does not require security holder approval, and there are no restrictions on foreign participation in the buy-back. Additionally, there are no other conditions that need to be satisfied before the buy-back offer becomes unconditional.

This information was provided in the daily buy-back notification submitted by News Corporation under listing rule 3.8A. The date of the notification was 04/10/2024, and the previous day on which securities were bought back was 03/10/2024. Following these announcements, the company's shares moved 0.2%, and are now trading at a price of $26.08. Check out the company's full 8-K submission here.

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