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. As of the last notification, the company has purchased approximately US$652,853,259.89 worth of Class A and Class B shares based on total consideration paid.
On the previous day of the notification, the company bought back 21,338,732 securities totaling US$433,082,052.04 in consideration paid, with the highest price paid being US$30.69 and the lowest price being US$14.88. This is an increase from the previous period where the company bought back 13,792 securities totaling US$379,004.16 in consideration paid.
The total number of securities on issue in the class of securities to be bought back is 373,715,335. The anticipated date of the buy-back is 22/9/2021.
Morgan Stanley & Co. LLC 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. The buy-back is for cash consideration, and the price to be paid for securities bought back is in USD. The reason for the buy-back is to enhance shareholder value. Following these announcements, the company's shares moved 0.0%, and are now trading at a price of $27.46. For the full picture, make sure to review News's 8-K report.
