News Corporation has announced a buy-back of its common stock Class A, with a total of 372,357,131 securities on issue in the class. The company intends to repurchase 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. As of the latest notification, the company has bought back a total of 27,193,681 securities, worth US$595,783,536, with the highest price paid being US$30.93 and the lowest being US$14.88.
The buy-back offer does not require security holder approval and there are no restrictions on foreign participation. The company has stated that the buy-back is intended to enhance shareholder value. The authorized buy-back amount under the 2021 Repurchase Program is approximately US$900,905,762, based on the total consideration paid to date.
The notification also mentions that the buy-back is not applicable for selective buy-backs, and no ASX-listed CDIs will be repurchased in these programs. The company has engaged Goldman Sachs & Co. LLC as the broker to offer to buy back securities on its behalf.
The latest daily buy-back notification indicates that the company bought back 27,193,681 securities on the previous day, worth US$595,783,536. The remaining amount of authorized buy-back under the 2021 and 2025 Repurchase Programs is approximately US$99,094,238, based on the total authorization of US$1 billion for each program.
The buy-back is anticipated to occur on 22/9/2021, and the company has disclosed an intention to repurchase an aggregate of US$1 billion of Class A common stock and Class B common stock under the 2025 Repurchase Program.
Following these announcements, the company's shares moved 0.39%, and are now trading at a price of $25.68. If you want to know more, read the company's complete 8-K report here.
