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News Corporation's 8-K Report: $1B Stock Repurchase Program Unveiled

$NWS
Form 8-K
Filed on: 2023-06-08
Source
News Corporation's 8-K Report: $1B Stock Repurchase Program Unveiled

Here are the key insights extracted from the provided section of the financial report for News Corporation dated June 7, 2023:

  1. Report Type: This document is a Form 8-K, which is a current report used to announce major events that shareholders should know about.
  2. Company Information:
  • Name: News Corporation
  • Incorporation: Delaware
  • SEC 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
  1. Event Reported: The document outlines the company's stock repurchase program, which allows News Corporation to buy back up to $1 billion of its outstanding shares of Class A and Class B common stock.
  2. Regulatory Compliance: Under the rules of the Australian Securities Exchange (ASX), the company is required to disclose any transactions related to the repurchase program on a daily basis. This information will also be included in quarterly and annual reports.
  3. Forward-Looking Statements: The report includes forward-looking statements regarding the company's intent to repurchase shares, which are subject to various uncertainties, including changes in stock prices and market conditions.
  4. Exhibits: Attached to the report are two exhibits (99.1 and 99.2) that provide detailed information about the transactions related to the repurchase program as reported to the ASX.
  5. Signature: The report is signed by Michael L. Bunder, Senior Vice President, Deputy General Counsel, and Corporate Secretary, dated June 8, 2023.

In summary, the report primarily focuses on the details surrounding News Corporation's stock repurchase program and the regulatory requirements associated with it, while also outlining necessary forward-looking statements and compliance with ASX rules.