News Corporation has announced a buy-back program for its Nasdaq-listed Class A common stock and Class B common stock, with an aggregate authorization of US$1 billion under the 2021 Repurchase Program and an additional US$1 billion under the 2025 Repurchase Program. This represents a substantial increase from the previously authorized amount of US$1 billion under the 2021 Repurchase Program.
The total number of securities on issue in the class of securities to be bought back is 374,456,068, and 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 buy-back notification, the company has bought back a total of 25,001,185 securities, with a total consideration paid or payable of US$538,545,632. This represents a significant increase from the previous buy-back, where 70,004 securities were bought back with a total consideration of US$1,831,318.64.
The highest price paid for securities in the most recent buy-back was US$30.93, 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$815,710,071 worth of Class A and Class B shares under the 2021 Repurchase Program.
The market has reacted to these announcements by moving the company's shares 2.11% to a price of $26.64. Check out the company's full 8-K submission here.
