News Corporation has announced a buy-back 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 bought back 22,284,785 securities for a total consideration of US$459,102,186.67. The highest price paid for the securities was US$30.69, while the lowest price was US$14.88. This represents a significant increase from the lowest price paid of US$29.28 in September 2022.
The total number of securities on issue in the class of securities to be bought back is 375,408,632, with a proposed maximum buy-back of up to US$1 billion worth of Class A common stock and Class B common stock. As of now, the company has purchased approximately US$693,847,401.63 worth of Class A and Class B shares, based on the total consideration paid.
The buy-back is aimed at enhancing shareholder value and is not limited to a minimum number of securities. The buy-back does not require security holder approval, and there are no restrictions on foreign participation in the buy-back. The anticipated date for the buy-back to occur is September 22, 2021. The buy-back program is being executed through Morgan Stanley & Co. LLC.
This announcement comes as the company continues to implement its strategy to return value to shareholders through the repurchase of its own stock. Today the company's shares have moved -0.27% to a price of $29.39. For the full picture, make sure to review NEWS CORP's 8-K report.
