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News Corporation's $1 Billion Stock Repurchase Plan: Key Insights from Form 8-K Report

$NWS
Form 8-K
Filed on: 2024-10-24
Source
News Corporation's $1 Billion Stock Repurchase Plan: Key Insights from Form 8-K Report

Here are the key insights extracted from the financial report of News Corporation, specifically from the Form 8-K filing dated October 23, 2024:

  1. Company Overview:
  • Name: News Corporation
  • Incorporation: Delaware
  • Principal Executive Office: 1211 Avenue of the Americas, New York, New York 10036
  • Commission File Number: 001-35769
  • IRS Employer Identification Number: 46-2950970
  1. Filing Information:
  • Filing Type: Form 8-K (Current Report)
  • Purpose: To provide current disclosures as mandated by the Securities Exchange Act of 1934.
  1. Stock Repurchase Program:
  • News Corporation is authorized to repurchase up to $1 billion of its outstanding shares of Class A and Class B common stock.
  • The company is required to disclose transactions related to this repurchase program daily to the Australian Securities Exchange (ASX).
  1. Forward-Looking Statements:
  • The company’s intent to repurchase shares is subject to market conditions, stock price fluctuations, and other uncertainties. Actual repurchase activity may differ from the management's expectations.
  • The forward-looking statements are made as of the date of this report and the company does not commit to updating these statements unless legally required.
  1. Exhibits:
  • The filing includes two exhibits (99.1 and 99.2), which contain information provided to the ASX on specified dates regarding the stock repurchase program.
  1. Signatures:
  • The report is signed by Michael L. Bunder, Senior Vice President, Deputy General Counsel, and Corporate Secretary, indicating official endorsement of the disclosures made.
  1. Emerging Growth Company Status:
  • The report includes a section for the registrant to indicate if it qualifies as an emerging growth company, with no indication provided in the text.

This summary outlines the critical elements of the report, particularly focusing on the stock repurchase program, compliance with regulatory requirements, and forward-looking statements regarding the company's financial intentions.