News Corporation has provided an update on its buy-back program, announcing that it may repurchase up to an aggregate of US$1 billion of its Nasdaq-listed Class A common stock and Class B common stock under the 2025 Repurchase Program. The company has disclosed that as of the latest notification, it has purchased approximately US$65,303,633 worth of Class A and Class B shares under the program.
The total number of securities on issue in the class of securities to be bought back is 368,265,368, with a total number of securities proposed to be bought back up to US$1 billion. The company has already bought back a total of 1,646,891 securities for a total consideration of US$40,386,983.87 and a highest price paid of US$27.21 and a lowest price paid of US$22.20.
The company has also indicated that the anticipated date for the buy-back to occur is 22/9/2021. Furthermore, it has disclosed that the buy-back does not require security holder approval and there are no restrictions on foreign participation in the buy-back.
This update comes as part of the company's ongoing efforts to enhance shareholder value through its buy-back program. The market has reacted to these announcements by moving the company's shares -1.69% to a price of $26.25. If you want to know more, read the company's complete 8-K report here.
