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 already purchased approximately US$692,206,558.78 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 375,408,632. The total number of securities proposed to be bought back under the repurchase program is up to US$1 billion.
The buy-back is being conducted for a cash consideration, and the price to be paid for the securities bought back is known to be in US dollars. The company has not disclosed an intention to buy back a minimum number of securities, but it does intend to buy back a maximum number of securities, which is up to US$1 billion worth of Class A common stock and Class B common stock.
The buy-back is being facilitated by Morgan Stanley & Co. LLC. The highest price paid for the securities during the buy-back period was US$30.69, and the lowest price paid was US$14.88.
The anticipated date for the buy-back to occur is 22/9/2021, and the total number of securities bought back or in relation to which acceptances have been received as of the previous day is 22,250,204. The total consideration paid or payable for the securities is US$458,080,485.27.
The company has stated that the reason for the buy-back is to enhance shareholder value. There are no buy-back restrictions or conditions that require security holder approval, foreign participation, or other conditions to be satisfied before the buy-back offer becomes unconditional. Following these announcements, the company's shares moved -1.36%, and are now trading at a price of $29.335. For more information, read the company's full 8-K submission here.
