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News Corporation's $1 Billion Stock Buyback: 2022 Financial Report Insights

$NWS
Form 8-K
Filed on: 2022-08-01
Source
News Corporation's $1 Billion Stock Buyback: 2022 Financial Report Insights

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

  1. Date of Report: The report is dated July 29, 2022.
  2. Company Overview:
  • Name: News Corporation
  • Incorporation: Delaware
  • Commission 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 Number: (212) 416-3400
  1. Stock Repurchase Program:
  • The Company has a stock repurchase program authorized to acquire up to $1 billion of its outstanding Class A and Class B common stock.
  • The Company is required to disclose any transactions related to this repurchase program to the Australian Securities Exchange (ASX) on a daily basis. Additionally, information regarding the program is included in the Company's quarterly and annual reports.
  1. Forward-Looking Statements:
  • The report includes forward-looking statements related to the Company's intent to repurchase shares, which are based on management's current expectations but are subject to uncertainties and changes in circumstances. Actual results may vary significantly due to factors including market conditions and stock price fluctuations.
  1. Exhibits:
  • The report references attached exhibits (99.1 and 99.2) that contain information provided to the ASX regarding the repurchase program.
  1. Signatures:
  • The report is signed by Michael L. Bunder, Senior Vice President, Deputy General Counsel, and Corporate Secretary, dated August 1, 2022.

This summary highlights the critical aspects of the report, particularly regarding the stock repurchase program, which is a significant action for shareholders and reflects the company's capital allocation strategy.