News Corporation said it had repurchased 86,681 shares on the previous day for US$2.12 million, taking total shares bought back under the program to 4.22 million and total consideration to US$102.31 million.
The company’s buy-back program authorizes purchases of up to US$1 billion of its Nasdaq-listed Class A and Class B common stock. To date, it has used about US$161.93 million of that authorization, leaving the bulk of the program still available.
The latest daily filing showed the company’s Class A share count at 366,050,844. The repurchase effort is being run through Goldman Sachs & Co. LLC, and the company said it intends to buy back shares in the open market or otherwise, depending on market conditions.
On the most recent day reported, the average price implied by the repurchase was about US$24.43 a share, versus a cumulative average repurchase price of roughly US$24.25 across the program so far. The highest price paid under the program has been US$27.21 a share, and the lowest has been US$22.20. As a result of these announcements, the company's shares have moved -0.04% on the market, and are now trading at a price of $24.26. Check out the company's full 8-K submission here.
