News Corporation (NWS) 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 intends to repurchase, from time to time, in the open market or otherwise, a combination of the Company’s 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 374,319,872, and the total number of +securities proposed to be bought back is up to an aggregate of US$1 billion.
The buy-back does not require security holder approval, and there are no restrictions on foreign participation in the buy-back. The anticipated date of the buy-back occurrence is 22/9/2021.
In the most recent daily buy-back notification, the total number of +securities bought back or in relation to which acceptances have been received was 21,976,620. The total consideration paid or payable for the +securities was US$450,310,894.09. The highest price paid for the +securities was US$30.69, and the lowest price paid was US$14.88. The company is authorized to acquire up to an aggregate of US$1 billion of the Company’s Nasdaq-listed Class A common stock and Class B common stock, of which the company has purchased approximately US$679,964,909.78 worth of Class A and Class B shares to date (based on total consideration paid).
These figures show a significant buy-back activity and expenditure, indicating a proactive approach to enhancing shareholder value and potentially consolidating ownership. The market has reacted to these announcements by moving the company's shares -0.45% to a price of $27.955. Check out the company's full 8-K submission here.
