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News Corporation's $1 Billion Stock Repurchase Plan: July 2023 8-K Report Highlights

$NWS
Form 8-K
Filed on: 2023-07-28
Source
News Corporation's $1 Billion Stock Repurchase Plan: July 2023 8-K Report Highlights

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: July 27, 2023
  • State of Incorporation: Delaware
  • Commission File Number: 001-35769
  • IRS Employer Identification Number: 46-2950970
  • Principal Executive Office Address: 1211 Avenue of the Americas, New York, NY 10036
  • Registrant's Telephone Number: (212) 416-3400

Stock Repurchase Program

  • Authorized Amount for Repurchase: Up to $1 billion in aggregate for outstanding shares of Class A and Class B common stock.
  • Disclosure Requirement: The company is required to provide daily disclosure of transactions related to the repurchase program to the Australian Securities Exchange (ASX).
  • Reporting in Filings: Information regarding the repurchase program is disclosed in quarterly and annual reports.

Forward-Looking Statements

  • The report includes forward-looking statements concerning the company's intent to repurchase its Class A and Class B common stock.
  • These statements are based on current management expectations and beliefs and are subject to various uncertainties.
  • Actual results may differ due to factors like stock price changes, market conditions, and applicable securities laws.

Exhibits

  • The filing includes two exhibits related to the information provided to the ASX:
  • Exhibit 99.1: Information related to Class A common stock transactions.
  • Exhibit 99.2: Information related to Class B common stock transactions.

Key Considerations

  • The company emphasizes its obligation to update forward-looking statements only when required by law or regulation.
  • Investors should note potential risks and uncertainties that could affect the repurchase program and future performance.

Signatures

  • The report is signed by:
  • Michael L. Bunder, Senior Vice President, Deputy General Counsel, and Corporate Secretary.
  • Date of Signing: July 28, 2023.

This summary highlights the essential elements of the financial report, focusing on the company's stock repurchase program, its regulatory obligations, and the associated risks.