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 may purchase up to a total of US$1 billion worth of Class A common stock and Class B common stock. The repurchase program is subject to market conditions and the market price of the Company’s stock, as well as other factors.
As of the most recent notification, the total number of securities on issue in the class of securities to be bought back is 375,408,632. The company purchased a total of 22,227,150 securities on the previous trading day, for which the total consideration paid or payable was US$457,396,567.61. The highest price paid for the securities was US$30.69, and the lowest price paid was US$14.88.
The company has disclosed its intention to buy back a maximum number of securities and, as of the end of the previous trading day, the remaining number of securities to be bought back is approximately US$308,872,243.50 worth of Class A and Class B shares.
The anticipated date for the buy-back to occur is September 22, 2021. This buy-back program is aimed at enhancing shareholder value.
Morgan Stanley & Co. LLC has been named as the broker who will offer to buy back securities on the entity’s behalf. The buy-back requires no security holder approval and there are no restrictions on foreign participation in the buy-back.
The company has provided valuable insights into its buy-back program, giving investors a clear picture of its intentions and the progress of the repurchase program. As a result of these announcements, the company's shares have moved -0.66% on the market, and are now trading at a price of $29.535. For the full picture, make sure to review NEWS CORP's 8-K report.
