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News Corporation Announces $1B Stock Repurchase Plan - March 2023 Report

$NWS
Form 8-K
Filed on: 2023-03-02
Source
News Corporation Announces $1B Stock Repurchase Plan - March 2023 Report

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

  1. Filing Type: This is a Form 8-K, which is a current report used by publicly traded companies to announce major events that shareholders should know about.
  2. Company Name: The registrant is News Corporation.
  3. Date of Report: The report is dated March 1, 2023.
  4. Stock Repurchase Program:
  • The company has authorized a stock repurchase program allowing it to repurchase up to $1 billion of its outstanding shares of Class A and Class B common stock.
  • Under the rules of the Australian Securities Exchange (ASX), News Corporation must disclose transactions related to the repurchase program daily.
  • The company provides additional details regarding the repurchase program in its quarterly and annual reports.
  1. Forward-Looking Statements:
  • The report includes forward-looking statements regarding the company's intent to repurchase shares, indicating these statements are based on management's current expectations and beliefs.
  • Risks and uncertainties that could cause actual results to differ include changes in stock prices, market conditions, and regulatory factors.
  1. Exhibits:
  • The report includes two exhibits (99.1 and 99.2) that present information provided to the ASX on specific dates regarding the repurchase program.
  • These exhibits contain forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995.
  1. Corporate Information:
  • The company is incorporated in Delaware.
  • The Commission File Number is 001-35769.
  • The IRS Employer Identification Number (EIN) is 46-2950970.
  1. Contact Information:
  • Principal executive office address: 1211 Avenue of the Americas, New York, New York 10036.
  • Telephone number: (212) 416-3400.
  1. Securities Information:
  • Class A Common Stock (par value $0.01 per share) is traded under the symbol NWSA on The Nasdaq Global Select Market.
  • Class B Common Stock (par value $0.01 per share) is traded under the symbol NWS on The Nasdaq Global Select Market.
  1. Emerging Growth Company Status: The registrant does not appear to be an emerging growth company under the definitions provided.

This summary highlights the essential elements of the report, focusing on the stock repurchase program, corporate details, and regulatory compliance.