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News Corporation 8-K Report: $1 Billion Stock Repurchase Program Unveiled

$NWS
Form 8-K
Filed on: 2022-08-16
Source
News Corporation 8-K Report: $1 Billion Stock Repurchase Program Unveiled

Here are the key insights extracted from the provided section of the financial report:

  1. Report Type and Date:
  • This is a Form 8-K report filed by News Corporation, dated August 15, 2022. Form 8-K is used to report major events that shareholders should be aware of.
  1. Company Information:
  • Name: News Corporation
  • Incorporation: Delaware
  • Commission File Number: 001-35769
  • IRS Employer Identification Number: 46-2950970
  • Address: 1211 Avenue of the Americas, New York, New York 10036
  • Telephone Number: (212) 416-3400
  1. Stock Repurchase Program:
  • The company is authorized to repurchase up to $1 billion in aggregate of its outstanding shares of Class A and Class B common stock. This indicates a commitment to returning value to shareholders.
  • The company is mandated by the Australian Securities Exchange (ASX) to disclose transactions related to this repurchase program on a daily basis.
  1. Forward-Looking Statements:
  • The report includes forward-looking statements regarding the company's intent to repurchase shares, emphasizing that these are based on current expectations and may be subject to change due to market conditions and other factors.
  1. Exhibits:
  • The report references two exhibits (99.1 and 99.2), which contain information provided to the ASX on specific dates concerning the stock repurchase program.
  1. Emerging Growth Company Status:
  • The report includes a checkbox for identifying whether News Corporation qualifies as an emerging growth company. However, it does not indicate a checkmark, suggesting it may not be classified as such.
  1. Signatory:
  • The report is signed by Michael L. Bunder, who holds the position of Senior Vice President, Deputy General Counsel, and Corporate Secretary.

This section highlights News Corporation's strategic focus on share repurchases, which can be a signal of confidence in their financial health, as well as adherence to regulatory requirements for disclosures.