News Corporation's $1B Stock Buyback Plan: June 2023 Form 8-K Insights

Here are the key insights extracted from the provided section of the financial report, specifically the Form 8-K filed by News Corporation:

Basic Information:

• Company Name: News Corporation
• Filing Date: June 29, 2023
• SEC 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:

• News Corporation has a stock repurchase program authorized for up to $1 billion for acquiring its outstanding shares of Class A and Class B common stock.
• The company is required to disclose any transactions related to the repurchase program daily to the Australian Securities Exchange (ASX).
• Details of the repurchase program will also be included in the company’s quarterly and annual reports.

Forward-Looking Statements:

• The report contains forward-looking statements regarding the company’s intent to repurchase shares, which are subject to uncertainties and could vary based on market conditions, stock prices, and other factors.
• The company does not undertake an obligation to update these forward-looking statements publicly unless required by law.

Exhibits:

• The filing includes two exhibits (Exhibit 99.1 and 99.2) which contain information provided to the ASX on specific dates regarding the stock repurchase activities.

Signatory:

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

Conclusion:

This Form 8-K filing primarily communicates the company's ongoing stock repurchase program, outlines its obligations for disclosure, and shares important legal disclaimers regarding future stock repurchase activities. The focus on the repurchase program may indicate the company’s strategy to enhance shareholder value amidst market conditions.