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 reported a total of 375,584,403 securities on issue in the class of securities to be bought back, with a proposed repurchase of up to US$1 billion worth of Class A common stock and Class B common stock.
As of the last notification, the company has bought back a total of 22,080,829 securities for a consideration of US$453,215,684.98, with the highest price paid being US$30.69 and the lowest price paid being US$14.88. The company has disclosed an intention to buy back a maximum number of securities, and as of the last notification, the company has purchased approximately US$684,573,002.64 worth of Class A and Class B shares.
The anticipated date for the buy-back to occur is 22/9/2021, and the Company has noted that no Australian Securities Exchange (ASX)-listed CDIs will be repurchased in this program. The buy-back does not require security holder approval and there are no restrictions on foreign participation in the buy-back. The company has stated that the buy-back is intended to enhance shareholder value. As a result of these announcements, the company's shares have moved -0.75% on the market, and are now trading at a price of $27.67. For the full picture, make sure to review NEWS CORP's 8-K report.
