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News Corporation's $1 Billion Stock Buyback Strategy Unveiled in 8-K Report

$NWS
Form 8-K
Filed on: 2024-09-10
Source
News Corporation's $1 Billion Stock Buyback Strategy Unveiled in 8-K Report

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

General Information

  • Company Name: News Corporation
  • Filing Type: Form 8-K (Current Report)
  • Date of Report: September 9, 2024

Company Details

  • Incorporation State: Delaware
  • Commission File Number: 001-35769
  • IRS Employer Identification Number: 46-2950970
  • Address: 1211 Avenue of the Americas, New York, New York 10036
  • Phone Number: (212) 416-3400

Stock Repurchase Program

  • Authorized Repurchase Amount: Up to $1 billion for Class A and Class B common stock.
  • Disclosure Requirement: The company must provide daily disclosures of transactions under this program to the Australian Securities Exchange (ASX) and report relevant details in quarterly and annual reports.

Forward-Looking Statements

  • The report includes forward-looking statements regarding the Company's stock repurchase intentions, which are based on management's current expectations. These statements are subject to uncertainties and may change due to various factors, including market conditions.

Exhibits

  • Two exhibits are attached:
  • Exhibit 99.1: Information provided to ASX on a specific date regarding Class A common stock repurchase.
  • Exhibit 99.2: Information provided to ASX on a specific date regarding Class B common stock repurchase.

Governance

  • The report is signed by Michael L. Bunder, who is the Senior Vice President, Deputy General Counsel, and Corporate Secretary.

Conclusion

The report indicates that News Corporation is actively managing its capital structure through a significant stock buyback program, which reflects its strategic focus on shareholder value. Key disclosures regarding the repurchase program are mandated under ASX rules, ensuring transparency in their financial activities.