News Corporation has provided an update on its buy-back program, with a total of 21,041,298 securities bought back on the previous day. The total consideration paid or payable for these securities amounted to US$424,862,119.31. The highest price paid for securities was US$30.69, while the lowest price paid was US$14.88.
The company has authorized the buy-back of up to an aggregate of US$1 billion of its Nasdaq-listed Class A common stock and Class B common stock. As of the previous day, the company had purchased approximately US$639,941,091.85 worth of Class A and Class B shares based on the total consideration paid.
The total number of securities on issue in the class of securities to be bought back is 373,905,195, and the total number of securities proposed to be bought back is up to an aggregate of US$1 billion.
The buy-back program aims to enhance shareholder value and does not include the repurchase of any ASX-listed CDIs. The entity intends to buy back a maximum number of securities and has engaged Morgan Stanley & Co. LLC as the broker to offer to buy back securities on its behalf.
The company's anticipated buy-back date is 22/9/2021, and no security holder approval is required for the buy-back. Additionally, there are no restrictions on foreign participation in the buy-back, and no other conditions need to be satisfied before the buy-back offer becomes unconditional. Today the company's shares have moved -0.2% to a price of $28.47. If you want to know more, read the company's complete 8-K report here.
