News Corp Announces $1 Billion Stock Repurchase Program

By Ahmed Jameison • Friday, June 27 15:27 • 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, with no ASX-listed CDIs being repurchased in this program. As of the last notification, the company had purchased approximately US$689,510,158.08 worth of Class A and Class B shares.

The total number of securities on issue in the class of securities to be bought back is 375,467,867, with a total number of securities proposed to be bought back up to an aggregate of US$1 billion. The company has bought back 22,192,569 securities, or in relation to which acceptances have been received, for a total consideration paid or payable of US$456,373,914.07.

The highest price paid for securities as part of the on-market buy-back was US$30.69, while the lowest price paid was US$14.88. The buy-back is anticipated to occur on 22/9/2021.

These figures reflect the company's ongoing efforts to repurchase shares and enhance shareholder value. Following these announcements, the company's shares moved -0.24%, and are now trading at a price of $29.47. For more information, read the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.