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 company may purchase up to an aggregate of US$1 billion of Class A common stock and Class B common stock, and to date, it has purchased approximately US$631,003,752.30 worth of Class A and Class B shares. The total number of securities on issue in the class of securities to be bought back is 375,286,617, and the total number of securities proposed to be bought back is up to an aggregate of US$1 billion.
The anticipated date for the buy-back to occur is 22/9/2021. The company has provided a daily buy-back notification with details of the previous day's buy-back. On the previous day, a total of 20,843,877 securities were bought back, or in relation to which acceptances have been received, with a total consideration paid or payable for the securities of US$419,144,810.42.
The highest price paid for securities was US$30.01 on 08/11/2024, and the lowest price paid was US$14.88 on 29/09/2022. The price to be paid for securities bought back is known and will be in USD.
The reason for the buy-back is to enhance shareholder value. The buy-back does not require security holder approval, and there are no restrictions on foreign participation in the buy-back. There are no other conditions that need to be satisfied before the buy-back offer becomes unconditional.
The broker or brokers who will offer to buy back securities on the entity’s behalf is BofA Securities, Inc. The securities are being bought back for a cash consideration. Following these announcements, the company's shares moved 0.1%, and are now trading at a price of $28.11. For the full picture, make sure to review News's 8-K report.
