News Corp Announces $2 Billion Stock Repurchase Program

By Tamara Parker • Thursday, August 28 15:39 • Permanent Link

News Corporation has announced a buy-back program for its Nasdaq-listed Class A common stock and Class B common stock. The company has authorized a repurchase program for up to an aggregate of US$1 billion of the company's stock as of September 21, 2021, and an additional US$1 billion as of July 15, 2025.

The total number of +securities on issue in the class of +securities to be bought back is 375,750,555. 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 notification, the company bought back a total of 23,272,124 +securities, or in relation to which acceptances have been received, totaling US$488,231,100 in consideration paid. The highest price paid for the +securities was US$30.75, while the lowest price paid 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$740,530,308 worth of Class A and Class B shares (based on total consideration paid) under the 2021 Repurchase Program. The market has reacted to these announcements by moving the company's shares -0.74% to a price of $29.44. For more information, read the company's full 8-K submission here.

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