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News Corporation's $1 Billion Stock Repurchase Program Report – August 2022 Insights

$NWS
Form 8-K
Filed on: 2022-08-05
Source
News Corporation's $1 Billion Stock Repurchase Program Report – August 2022 Insights

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

General Information

  • Company Name: News Corporation
  • Filing Type: Form 8-K
  • Filing Date: August 4, 2022
  • State of Incorporation: Delaware
  • Commission File Number: 001-35769
  • IRS Employer Identification No.: 46-2950970
  • Address: 1211 Avenue of the Americas, New York, New York 10036
  • Telephone: (212) 416-3400

Stock Repurchase Program

  • Authorization: The Company is authorized to repurchase up to $1 billion of its outstanding shares, which includes both Class A and Class B common stocks.
  • Regulatory Requirement: Under the Australian Securities Exchange (ASX) rules, News Corporation must disclose its repurchase transactions on a daily basis to the ASX. This information is also included in the Company’s quarterly and annual reports.

Forward-Looking Statements

  • The report includes forward-looking statements concerning the Company's intentions regarding the repurchase of shares. These statements are based on current management expectations but are subject to various uncertainties.
  • Factors Affecting Outcomes: Changes in stock market prices, general market conditions, securities laws, and other risks mentioned in the Company’s SEC filings could lead to actual results differing from those anticipated.

Exhibits Attached

  • Exhibit 99.1: Information provided to the ASX regarding Class A shares.
  • Exhibit 99.2: Information provided to the ASX regarding Class B shares.
  • Exhibit 104: Cover Page Interactive Data File.

Signatory

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

Conclusion

This report serves as an update on the ongoing stock repurchase program of News Corporation. The authorization for significant repurchases indicates the Company's commitment to returning value to shareholders. The emphasis on compliance with ASX regulations reflects the company's transparency in its financial dealings. The forward-looking statements highlight the management's strategies while also acknowledging the inherent risks involved.