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 this amount from time to time, subject to market conditions and the market price of the Company’s stock. The total number of securities on issue in the class of securities to be bought back is 373,646,075.
As of the latest buy-back notification, the total number of securities bought back or in relation to which acceptances have been received is 21,436,785, with a total consideration paid or payable of US$435,739,040.55. The highest price paid for securities during the buy-back period was US$30.69, while the lowest price paid was US$14.88.
To date, the company has purchased approximately US$656,997,513.87 worth of Class A and Class B shares based on total consideration paid. The anticipated date for the buy-back to occur is 22/9/2021.
This represents a significant increase in the amount of securities bought back and the total consideration paid compared to the previous period. The buy-back program seems to be progressing actively, with a substantial amount of the authorized buy-back value already utilized. The market has reacted to these announcements by moving the company's shares -5.3% to a price of $24.7. If you want to know more, read the company's complete 8-K report here.
