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News Corporation Reports $1 Billion Stock Buyback Plan in 8-K Filing

$NWS
Form 8-K
Filed on: 2022-09-26
Source
News Corporation Reports $1 Billion Stock Buyback Plan in 8-K Filing

Here are the key insights extracted from the provided section of the financial report (Form 8-K) for News Corporation:

  1. Filing Information:
  • Date of Report: September 23, 2022.
  • Registrant: News Corporation.
  • State of 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 has authorized a stock repurchase program allowing it to acquire up to $1 billion of its outstanding shares of Class A and Class B common stock.
  • This program is subject to the rules of the Australian Securities Exchange (ASX), which require daily disclosure of transactions.
  • The Company will also report 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, which are based on management's expectations and beliefs.
  • These statements are subject to uncertainties, including market price changes, general market conditions, and applicable securities laws.
  1. Exhibits:
  • The report references two exhibits (99.1 and 99.2) that contain information provided to the ASX on specific dates related to the stock repurchase program.
  • Exhibit 99.1 pertains to Class A common stock, and Exhibit 99.2 pertains to Class B common stock.
  1. Signatures:
  • The report is signed by Michael L. Bunder, Senior Vice President, Deputy General Counsel, and Corporate Secretary of News Corporation, dated September 26, 2022.

This information is crucial for stakeholders and investors as it outlines the Company’s current activities regarding stock repurchase, potential impacts on share value, and compliance with regulatory requirements.