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 total number of +securities on issue in the class of +securities to be bought back is 374,049,154. The company has bought back a total of 21,479,361 +securities for a total consideration of US$436,807,641.38. The highest price paid for these securities was US$30.69 and the lowest price paid was US$14.88.
The company has disclosed an intention to buy back a maximum number of +securities, and as of the previous day, the remaining number of +securities to be bought back is approximately US$341,367,700.94 (based on the total consideration paid to date).
The anticipated date for the buy-back to occur is 22/9/2021. This announcement reflects a significant increase in the amount of +securities bought back and the total consideration paid compared to the previous period.
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 being conducted for cash consideration in US dollars, and the reason for the buy-back is to enhance shareholder value. Following these announcements, the company's shares moved 8.7%, and are now trading at a price of $26.06. For more information, read the company's full 8-K submission here.
