News Corporation has announced its buy-back program, with a total of 375,479,691 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.
The entity has already bought back 23,839,514 securities for a total consideration of US$504,836,974, with the highest price paid being US$30.75 and the lowest price paid being US$14.88. As of the last notification, the company has purchased approximately US$765,294,795 worth of Class A and Class B shares under the 2021 Repurchase Program.
The announcement also mentions that an additional US$1 billion has been authorized under the 2025 Repurchase Program, and 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.
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.
Goldman Sachs & Co. LLC has been named as the broker who will offer to buy back securities on the entity’s behalf. The buy-back is for a cash consideration in USD.
Following these announcements, the company's shares moved 1.8%, and are now trading at a price of $30.265. For the full picture, make sure to review NEWS CORP's 8-K report.
