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

$NWS
Form 8-K
Filed on: 2022-08-09
Source
News Corporation's $1B Stock Repurchase Program: Key Insights from 8-K Report

Here are the key insights and important information extracted from the provided section of the financial report:

General Information

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

Stock Repurchase Program

  • Authorization Amount: News Corporation is authorized to repurchase up to $1 billion of its outstanding shares of Class A and Class B common stock.
  • Disclosure Requirements: Under Australian Securities Exchange (ASX) rules, the company must disclose transactions related to the repurchase program on a daily basis and in its quarterly and annual reports.

Forward-Looking Statements

  • The report includes forward-looking statements regarding the company’s intent to repurchase its Class A and Class B common stock. These statements are based on management's expectations and are subject to uncertainties that could cause actual results to differ materially. Factors influencing these uncertainties include:
  • Changes in the market price of the company's stock
  • General market conditions
  • Applicable securities laws
  • Alternative investment opportunities

Exhibits

  • Exhibit 99.1: Information provided to the ASX on a specified date.
  • Exhibit 99.2: Additional information provided to the ASX on a different date.
  • Exhibit 104: Cover Page Interactive Data File embedded within the Inline XBRL document.

Signatures

  • Authorized Signatory: Michael L. Bunder, Senior Vice President, Deputy General Counsel and Corporate Secretary
  • Date of Signature: August 9, 2022

Summary

This report serves to disclose News Corporation’s stock repurchase program, the regulatory obligations tied to it, and forward-looking statements regarding potential stock repurchases. The company emphasizes the uncertainties associated with these statements, which are crucial for investors to understand in the context of their investment decisions.