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 374,369,979. The Company may purchase up to an aggregate of US$1 billion of Class A common stock and Class B common stock. The total number of +securities bought back, or in relation to which acceptances have been received, is 21,951,966.
The total consideration paid or payable for the +securities is US$449,616,393.37, with the highest price paid being US$30.69 and the lowest price paid being US$14.88. The remaining number of +securities to be bought back as at the end of the previous day is approximately US$321,127,875.95.
The anticipated date of the buy-back is 22/9/2021. The buy-back does not require security holder approval, and there are no restrictions on foreign participation in the buy-back. The Company intends to buy back the securities for a cash consideration, and the reason for the buy-back is to enhance shareholder value.
These figures indicate a significant buy-back activity by News Corporation, with a substantial amount of securities already bought back and a considerable amount still to be bought back as part of the program. Following these announcements, the company's shares moved -1.22%, and are now trading at a price of $28.055. For the full picture, make sure to review NEWS CORP's 8-K report.
