NEWS CORP SPENDS $339.47 MILLION ON STOCK BUYBACKS

By Ahmed Jamerson • Wednesday, October 07 13:02 • Permanent Link

News Corporation said it had bought back 62,323 shares on the previous trading day for US$1.78 million, at an average cost of about US$28.57 a share.

That followed a much larger repurchase the day before, when the company bought back 12.86 million shares for US$337.69 million, at an average price of about US$26.26 each.

Across the two days, News Corp spent US$339.47 million to retire about 12.92 million shares.

The company said it has now used about US$517.42 million of its US$1 billion repurchase authorization, leaving roughly US$482.58 million still available. The buyback program covers Nasdaq-listed Class A and Class B stock, and no ASX-listed CDIs are being repurchased.

The company’s highest repurchase price so far has been US$31.58 a share, while the lowest has been US$22.20. Today the company's shares have moved -1.38% to a price of $28.55. For more information, read the company's full 8-K submission here.

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