News Corporation has announced a significant increase in its stock buyback program. The company has repurchased a total of 26,897,681 shares for a total consideration of US$588,279,828. This represents a substantial increase from the previous day's buyback of 80,000 shares for a total consideration of US$2,004,312. The highest price paid for shares was US$30.93, while the lowest price paid was US$14.88.
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 buyback has significantly increased the total consideration paid or payable for the securities, and 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$889,936,687 worth of Class A and Class B shares under the 2021 Repurchase Program.
This increase in stock buybacks indicates the company's commitment to returning value to shareholders and its confidence in its financial position and future prospects. The market has reacted to these announcements by moving the company's shares -0.68% to a price of $24.80. Check out the company's full 8-K submission here.
