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

$NWS
Form 8-K
Filed on: 2023-09-22
Source
News Corporation's $1 Billion Stock Repurchase Program: Key Insights from 8-K Report

Based on the provided excerpt from the financial report, here are the key insights and information:

General Information

  • Company Name: News Corporation
  • Form Type: 8-K (Current Report)
  • Date of Report: September 21, 2023
  • State of Incorporation: Delaware
  • Commission File Number: 001-35769
  • IRS Employer Identification Number: 46-2950970
  • Address of Principal Executive Offices: 1211 Avenue of the Americas, New York, New York 10036
  • Telephone Number: (212) 416-3400

Stock Repurchase Program

  • Program Authorization: News Corporation has authorized a stock repurchase program allowing the company to acquire up to $1 billion in aggregate of its outstanding shares of Class A and Class B common stock.
  • Disclosure Requirement: Under the rules of the Australian Securities Exchange (ASX), the company is required to provide daily disclosures of transactions related to this repurchase program.
  • Reporting: The company also includes information about the repurchase program in its quarterly and annual reports.

Forward-Looking Statements

  • The report includes forward-looking statements regarding the company's intent to repurchase shares, acknowledging that actual results may vary due to several factors, including market conditions and stock price changes.
  • The company disclaims any obligation to update forward-looking statements except as required by law or regulation.

Exhibits

  • Two exhibits (99.1 and 99.2) are attached, which contain information provided to the ASX on specific dates.

Signature

  • The report is signed by Michael L. Bunder, Senior Vice President, Deputy General Counsel, and Corporate Secretary of News Corporation, dated September 22, 2023.

Summary

This report highlights News Corporation's ongoing commitment to returning value to shareholders through its stock repurchase program, while also ensuring compliance with regulatory disclosure requirements. The forward-looking statements indicate management's expectations but also underline the inherent uncertainties in market operations.