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News Corporation's $1 Billion Stock Repurchase Plan: March 2024 Financial Report

$NWS
Form 8-K
Filed on: 2024-03-22
Source
News Corporation's $1 Billion Stock Repurchase Plan: March 2024 Financial Report

Here are the key insights and important information extracted from the financial report of News Corporation dated March 21, 2024:

  1. Company Overview:
  • Name: News Corporation
  • Address: 1211 Avenue of the Americas, New York, New York 10036
  • Commission File Number: 001-35769
  • IRS Employer Identification Number: 46-2950970
  • Contact: (212) 416-3400
  1. Form Details:
  • Form Type: Form 8-K (Current Report)
  • Report Date: March 21, 2024
  1. Stock Repurchase Program:
  • The company has authorized a stock repurchase program allowing the buyback of 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 to the Australian Securities Exchange (ASX) on a daily basis.
  • Information regarding the stock repurchase program will also be included in News Corporation's quarterly and annual reports.
  1. Forward-Looking Statements:
  • The report contains forward-looking statements about the company's intent to repurchase shares. These statements are based on management's current expectations and are subject to various uncertainties, including market conditions and changes in stock price.
  • The company does not undertake any obligation to update these forward-looking statements unless required by law.
  1. Exhibits:
  • Exhibit 99.1: Information provided to the ASX regarding Class A common stock.
  • Exhibit 99.2: Information provided to the ASX regarding Class B common stock.
  • Exhibit 104: Cover Page Interactive Data File.
  1. Signatures:
  • The report is signed by Michael L. Bunder, Senior Vice President, Deputy General Counsel, and Corporate Secretary, indicating the formal authorization of the report.

This summary highlights the company's ongoing commitment to enhancing shareholder value through stock repurchases, while also providing necessary disclosures in compliance with regulatory requirements.