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 has already purchased approximately US$659,753,763.27 worth of Class A and Class B shares. The total number of securities on issue in the class of securities to be bought back is 374,049,154.
On the previous day of the notification, the company bought back 21,507,745 securities for a total consideration of US$437,504,695.65, with the highest price paid being US$30.69 on 19/02/2025 and the lowest price paid being US$14.88 on 29/09/2022.
The anticipated date for the buy-back to occur is 22/9/2021. The company has disclosed that it does not intend to buy back a minimum number of securities but does intend to buy back a maximum number of securities, up to the aggregate of US$1 billion. The buy-back is for a cash consideration, and the price to be paid for the securities bought back is not yet known.
The buy-back does not require security holder approval, and there are no restrictions on foreign participation in the buy-back. The reason for the buy-back is to enhance shareholder value.
The broker who will offer to buy back securities on the entity’s behalf is Morgan Stanley & Co. LLC. The company may purchase up to an aggregate of US$1 billion of Class A common stock and Class B common stock from time to time, in the open market or otherwise, subject to market conditions and other factors. Today the company's shares have moved 2.3% to a price of $26.19. For the full picture, make sure to review News's 8-K report.
