News Corporation has announced a buyback program for up to an aggregate of US$1 billion of its Nasdaq-listed Class A common stock and Class B common stock. The company has disclosed that it may purchase up to an aggregate of US$1 billion of Class A common stock and Class B common stock. As of the most recent notification, the total number of securities bought back or in relation to which acceptances have been received is 21,352,524, with a total consideration paid or payable of US$433,461,056.20.
The highest price paid for the securities was US$30.69, and the lowest price paid was US$14.88. The company has authorized the acquisition of up to an aggregate of US$1 billion worth of Class A and Class B shares, and to date, has purchased approximately US$653,447,372.30 worth of Class A and Class B shares based on the total consideration paid.
This buyback program aims to enhance shareholder value and is being executed through a repurchase program for the company's Nasdaq-listed stocks. The anticipated date for the buyback to occur is September 22, 2021.
Morgan Stanley & Co. LLC has been named as the broker responsible for offering to buy back securities on the company’s behalf. The buyback does not require security holder approval, and there are no restrictions on foreign participation in the buyback. The buyback offer is for a cash consideration, with the price to be paid for securities bought back being in USD.
The company has provided a detailed breakdown of securities bought back, consideration paid, and the price range for the securities, reflecting the progress of its buyback program. The market has reacted to these announcements by moving the company's shares -0.6% to a price of $27.31. For more information, read the company's full 8-K submission here.
