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News Corporation 8-K Filing: Major $1B Stock Repurchase Program Unveiled

$NWS
Form 8-K
Filed on: 2022-04-11
Source
News Corporation 8-K Filing: Major $1B Stock Repurchase Program Unveiled

The document is a Form 8-K filed by News Corporation with the SEC on April 8, 2022. Here are the key points extracted from this filing:

  1. Company Overview:
  • Name: News Corporation (Registrant)
  • State of Incorporation: Delaware
  • SEC File Number: 001-35769
  • IRS Employer Identification Number: 46-2950970
  • Principal Executive Office Address: 1211 Avenue of the Americas, New York, New York 10036
  • Telephone: (212) 416-3400
  1. Filing Purpose:
  • The filing is a current report under Section 13 or 15(d) of the Securities Exchange Act of 1934.
  1. Stock Repurchase Program:
  • News Corporation is authorized to repurchase up to $1 billion of its outstanding shares of Class A and Class B common stock.
  • The company is required to report daily transactions related to the repurchase program to the Australian Securities Exchange (ASX).
  • Information regarding the repurchase program is also disclosed in quarterly and annual reports.
  1. Forward-Looking Statements:
  • The report includes forward-looking statements regarding the company's intent to repurchase shares, subject to market conditions and other risks.
  • Actual results may differ due to various factors such as changes in stock prices, market conditions, and compliance with securities laws.
  1. Exhibits:
  • The filing includes two exhibits:
    • Exhibit 99.1: Information provided to the ASX regarding Class A common stock.
    • Exhibit 99.2: Information provided to the ASX regarding Class B common stock.
  • Both exhibits contain forward-looking statements and are linked in the filing.
  1. Signatures:
  • The report is signed by Michael L. Bunder, Senior Vice President, Deputy General Counsel and Corporate Secretary of News Corporation, dated April 11, 2022.

Insights:

  • Repurchase Program: The $1 billion stock repurchase program indicates News Corporation's confidence in its stock value and aims to enhance shareholder value.
  • Compliance and Transparency: The commitment to informing the ASX daily about repurchase transactions highlights the company's adherence to regulatory requirements and transparency with investors.
  • Market Sensitivity: The mention of forward-looking statements suggests that the company's repurchase strategy is contingent upon market conditions, reflecting a cautious approach in a potentially volatile market environment.