News Corporation has announced a buy-back program for its Class A common stock and Class B common stock, with a total of 375,750,555 securities on issue in the class of securities to be bought back. 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 additional US$1 billion under the 2025 Repurchase Program.
As of the most recent buy-back notification, the company has bought back a total of 23,108,399 securities, with a total consideration paid of US$483,289,465. The highest price paid for the securities was US$30.75, while the lowest price 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 the 2025 Repurchase Program, with approximately US$733,064,135 worth of Class A and Class B shares already purchased under the 2021 Repurchase Program.
The company's buy-back program aims to enhance shareholder value, and the anticipated date for the buy-back to occur is September 22, 2021. The buy-back does not require security holder approval, and there are no restrictions on foreign participation in the buy-back. The company intends to repurchase a combination of its Class A common stock and Class B common stock from time to time, in the open market or otherwise, subject to market conditions and the market price of the company’s stock. The market has reacted to these announcements by moving the company's shares -0.95% to a price of $30.21. For more information, read the company's full 8-K submission here.
