News Corporation has provided an update on its buy-back program for its common stock Class A. The total number of securities on issue in the class of securities to be bought back is 374,852,646. The company may purchase up to an aggregate of US$1 billion of Class A common stock and Class B common stock under the 2021 Repurchase Program and an aggregate of US$1 billion under the 2025 Repurchase Program.
As of the most recent update, the company has bought back a total of 22,538,379 securities, with a total consideration paid of US$466,580,946 and the highest price paid being US$30.75. The lowest price paid for the securities was US$14.88. The company is authorized to acquire up to an aggregate of US$1 billion of the company’s Nasdaq-listed Class A common stock and Class B common stock under the 2021 Repurchase Program and an aggregate of US$1 billion under the 2025 Repurchase Program. To date, the company has purchased approximately US$706,926,575 worth of Class A and Class B shares under the 2021 Repurchase Program.
The anticipated date of the buy-back occurrence is 22/9/2021 and the buy-back requires no security holder approval. There are no restrictions on foreign participation in the buy-back, and no other conditions need to be satisfied before the buy-back offer becomes unconditional. The price to be paid for securities bought back is not known at this time.
Goldman Sachs & Co. LLC is the broker who will offer to buy back securities on the entity’s behalf. The reason for the buy-back is to enhance shareholder value.
The press release also mentions that no ASX-listed CDIs will be repurchased in these programs. Today the company's shares have moved -1.55% to a price of $28.52. Check out the company's full 8-K submission here.
