News Corporation Announces $1 Billion Stock Repurchase Program

By Greg Peters • Wednesday, June 04 15:29 • Permanent Link

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 374,319,872. The company may purchase up to an aggregate of US$1 billion of Class A common stock and Class B common stock.

The entity has disclosed an intention to buy back a maximum number of securities, and as of the end of the previous day, 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. To date, the company has purchased approximately US$680,544,436.02 worth of Class A and Class B shares based on the total consideration paid.

In the most recent daily buy-back notification, the total number of securities bought back or in relation to which acceptances have been received is 21,988,947, with a total consideration paid or payable for the securities of US$450,655,575.50. The highest price paid for the securities was US$30.69 on 19/02/2025, while the lowest price paid was US$14.88 on 29/09/2022.

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 buy-back offer becomes unconditional on the anticipated date of buy-back.

The reason for the buy-back is to enhance shareholder value. The company may purchase a combination of the company’s Class A common stock and Class B common stock from time to time, in the open market or otherwise, subject to market conditions and the market price of the company’s stock, as well as other factors. No ASX-listed CDIs will be repurchased in this program.

Morgan Stanley & Co. LLC is the broker who will offer to buy back securities on the entity’s behalf. The securities are being bought back for a cash consideration, and the price to be paid for securities bought back is in USD. Today the company's shares have moved 0.0% to a price of $27.94. For more information, read the company's full 8-K submission here.

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