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

$NWS
Form 8-K
Filed on: 2024-01-24
Source
News Corporation's $1B Stock Repurchase Program: Latest Insights from Form 8-K

Here are the key insights extracted from the provided financial report section:

  1. Filing Type and Date:
  • The document is a Form 8-K, which is a current report used to announce major events that shareholders should know about.
  • The date of the report is January 23, 2024.
  1. Company Information:
  • The registrant is News Corporation.
  • It is incorporated in Delaware.
  • The Commission File Number is 001-35769.
  • IRS Employer Identification Number is 46-2950970.
  • The address of the principal executive offices is 1211 Avenue of the Americas, New York, New York 10036.
  1. Stock Repurchase Program:
  • News Corporation has a stock repurchase program approved for up to $1 billion to purchase its outstanding shares of Class A and Class B common stock.
  • The company is required to disclose transactions under this program to the Australian Securities Exchange (ASX) on a daily basis.
  • Additional details about the program are provided in the company's quarterly and annual reports.
  1. Forward-Looking Statements:
  • The report includes forward-looking statements regarding the company's intent to repurchase shares. These statements are subject to various risks and uncertainties, including market price fluctuations and changes in market conditions.
  1. Exhibits:
  • The report includes two exhibits (99.1 and 99.2) that contain information provided to the ASX regarding the stock repurchase program on specified dates.
  1. Signatures:
  • The report was signed by Michael L. Bunder, Senior Vice President, Deputy General Counsel, and Corporate Secretary, on January 24, 2024.

In summary, this report communicates the company's ongoing efforts to manage its capital structure through a significant stock repurchase initiative, while also complying with regulatory disclosure requirements. The report underlines the potential risks associated with such financial strategies.