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. The total number of securities on issue in the class of securities to be bought back is 375,346,049, and the company may purchase up to an aggregate of US$1 billion of Class A common stock and Class B common stock.
As of the latest daily buy-back notification, the total number of securities bought back or in relation to which acceptances have been received is 20,771,123. The total consideration paid or payable for the securities is US$417,096,520.73. The highest price paid for the securities was US$30.01, and the lowest price paid was US$14.88.
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$627,794,897.25 worth of Class A and Class B shares (based on total consideration paid).
The anticipated date of the buy-back is 22/9/2021, with BofA Securities, Inc. being named as the broker who will offer to buy back securities on the entity’s behalf.
The company has stated the reason for the buy-back as being to enhance shareholder value. There are no restrictions on foreign participation in the buy-back, and no security holder approval is required. Following these announcements, the company's shares moved 0.7%, and are now trading at a price of $28.05. If you want to know more, read the company's complete 8-K report here.
