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News Corporation's $1B Stock Repurchase Program Report – March 2023

$NWS
Form 8-K
Filed on: 2023-03-06
Source
News Corporation's $1B Stock Repurchase Program Report – March 2023

The following is an analysis of the key information extracted from the provided section of the financial report:

Company Overview

  • Registrant Name: News Corporation
  • 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
  • Contact Number: (212) 416-3400

Filing Information

  • Form Type: 8-K (Current Report)
  • Date of Report: March 3, 2023
  • Purpose: The report is filed pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934.

Stock Repurchase Program

  • Authorized Amount: News Corporation is authorized to repurchase up to $1 billion of its outstanding shares of Class A and Class B common stock.
  • Compliance: The company is required to disclose transactions related to the repurchase program on a daily basis according to the rules of the Australian Securities Exchange (ASX).
  • Disclosure: Information regarding the repurchase program will also be included in the company's quarterly and annual reports.

Forward-Looking Statements

  • The report includes forward-looking statements regarding the company's intent to repurchase shares, which are subject to market conditions and other uncertainties.
  • The actual outcomes may differ from the expectations due to various factors including market price changes and applicable securities laws.

Exhibits Attached

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

Signatures

  • The report is signed by Michael L. Bunder, Senior Vice President, Deputy General Counsel, and Corporate Secretary, on March 6, 2023.

Conclusion

This report reflects News Corporation's ongoing efforts to manage its capital structure through a substantial stock repurchase program, signaling confidence in its financial position while addressing regulatory compliance and transparency obligations. The details provided also emphasize the company's commitment to informing shareholders about its operational decisions and market strategies.