NEWS CORPORATION LAUNCHES $2 BILLION BUY-BACK PROGRAM

By Ahmed Jameison • Friday, November 21 15:38 • Permanent Link

News Corporation has recently announced its buy-back program for its 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 Nasdaq-listed Class A common stock and Class B common stock as of September 21, 2021. Additionally, as of July 15, 2025, an additional US$1 billion has been authorized.

As of the latest notification, the total number of securities on issue in the class of securities to be bought back is 372,723,535. 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.

The company has bought back a total of 26,897,681 securities, or in relation to which acceptances have been received, with a total consideration paid or payable for the securities of US$588,279,828 as of the latest notification. The highest price paid for the securities was US$30.93, and the lowest price paid was US$14.88.

As of the previous notification, the company had purchased approximately US$889,936,687 worth of Class A and Class B shares under the 2021 Repurchase Program. This indicates a significant increase in the amount of shares purchased since the last reporting period.

The buy-back program is intended to enhance shareholder value and does not include the repurchase of ASX-listed CDIs in the programs. The company has mentioned that the buy-back does not require security holder approval and there are no restrictions on foreign participation in the buy-back. The company has also specified that the buy-back is for cash consideration, with the price to be paid for the securities bought back being in USD.

Goldman Sachs & Co. LLC has been named as the broker who will offer to buy back securities on the entity’s behalf. The anticipated date for the buy-back to occur is September 22, 2021, and the company has provided this daily buy-back notification in compliance with listing rule 3.8A. Today the company's shares have moved 3.85% to a price of $25.755. For more information, read the company's full 8-K submission here.

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