News Corp Authorizes Additional $1 Billion Stock Buyback

By Hao Liu • Friday, November 28 12:02 • Permanent Link

News Corporation has announced a buy-back program for its Nasdaq-listed Class A common stock and Class B common stock. The program was initially authorized for up to US$1 billion as of September 21, 2021, and as of July 15, 2025, an additional US$1 billion has been authorized. The company may repurchase these stocks from time to time in the open market or otherwise, subject to market conditions and stock prices. As of the latest report, the company has purchased approximately US$900,905,762 worth of Class A and Class B shares under the 2021 Repurchase Program.

The total number of securities on issue in the class of securities to be bought back is 372,357,131. 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 buy-back is not intended to buy back a minimum number of securities, but the entity does intend to buy back a maximum number of securities. The maximum number of securities proposed to be bought back is also US$1 billion under both the 2021 and 2025 Repurchase Programs.

The buy-back is being conducted for a cash consideration, and the price to be paid for securities bought back is known and will be in the currency of US Dollar. The reason for the buy-back is to enhance shareholder value.

The buy-back does not require security holder approval, and there are no restrictions on foreign participation in the buy-back. Additionally, there are no other conditions that need to be satisfied before the buy-back offer becomes unconditional.

As for the key dates, the anticipated date for the buy-back to occur is September 22, 2021.

The latest daily buy-back notification reports that on the previous day, a total of 27,193,681 securities were bought back, totaling US$595,783,536 in consideration paid. The highest price paid for securities was US$30.93, and the lowest price paid was US$14.88. As a result of these announcements, the company's shares have moved 0.67% on the market, and are now trading at a price of $25.58. If you want to know more, read the company's complete 8-K report here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.