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, with approximately US$602,455,486.77 worth of Class A and Class B shares already purchased. As of the most recent notification, the total number of securities bought back or in relation to which acceptances have been received is 20,195,597, and the total consideration paid or payable for the securities is US$400,764,759.00.
The highest price paid for securities during the buy-back program was US$30.01 on 08/11/2024, while the lowest price paid was US$14.88 on 29/09/2022, with a subsequent increase to US$28.74 on the most recent day of buy-back activity.
The announcement also specifies that the buy-back program does not include the repurchase of ASX-listed CDIs and that the buy-back is being conducted for a cash consideration, with the price to be paid for securities bought back currently unknown.
The anticipated date for the buy-back to occur is 22/9/2021, and there are no security holder approval requirements or restrictions on foreign participation in the buy-back. The reason for the buy-back is to enhance shareholder value.
These figures reflect the Company’s ongoing buy-back activities, demonstrating a significant amount of securities already bought back and a substantial portion of the allocated funds utilized. The market has reacted to these announcements by moving the company's shares -0.3% to a price of $29.46. For the full picture, make sure to review News's 8-K report.
