News Corporation has provided an update on its buy-back program, announcing that it 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 on issue in the class of +securities to be bought back is 375,584,403. As of the latest notification, the company has purchased approximately US$682,275,161.46 worth of Class A and Class B shares.
The company has bought back a total of 22,028,325 +securities, or in relation to which acceptances have been received, for a total consideration paid or payable of US$451,755,130.02. The highest price paid was US$30.69 and the lowest price paid was US$14.88.
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 is 22/9/2021.
Morgan Stanley & Co. LLC has been named as the broker who will offer to buy back +securities on the entity’s behalf. The company has stated that the buy-back is being conducted to enhance shareholder value.
This update comes as a continuation of the buy-back program initiated by News Corporation, demonstrating its commitment to returning value to shareholders through the repurchase of its own securities. As a result of these announcements, the company's shares have moved 0.16% on the market, and are now trading at a price of $27.805. For the full picture, make sure to review NEWS CORP's 8-K report.
