8-K: Company Expands Share Repurchase Program

News Corporation has announced an expansion of its stock repurchase program, authorizing an additional $1 billion for buybacks of its Class A and Class B common stock, bringing the total authorized amount to $2 billion.

Summary

• News Corporation has authorized an additional $1 billion for its stock repurchase program as of July 15, 2025, bringing the total aggregate authorization to $2 billion.
• The repurchase programs allow for the acquisition of Nasdaq-listed Class A common stock and Class B common stock; no ASX-listed CDIs will be repurchased.
• The initial 2021 Repurchase Program was authorized on September 21, 2021, for up to $1 billion.
• As of July 16, 2025, approximately $697,678,756.07 worth of Class A and Class B shares have been purchased under the 2021 Repurchase Program.
• On July 16, 2025, 11,527 Class A shares were bought back for $342,688.49, and 5,773 Class B shares were bought back for $197,811.85.
• The highest price paid for Class A shares was $30.75 on July 15, 2025, and the lowest was $14.88 on September 29, 2022.
• The highest price paid for Class B shares was $35.41 on July 15, 2025, and the lowest was $15.17 on September 29, 2022.
• The buy-back is intended to enhance shareholder value.
• Morgan Stanley & Co. LLC is the broker for the buy-back program.

Sentiment

Score: 7

Explanation: The announcement of an expanded share repurchase program is generally positive for shareholders, indicating management's confidence and commitment to returning capital, which can support share price.

Positives

• Authorization of an additional $1 billion for share repurchases, increasing the total program authorization to $2 billion.
• The repurchase programs are explicitly stated to enhance shareholder value.
• Demonstrates an ongoing commitment to returning capital to shareholders.

Risks

• Actual results of the repurchase program may vary materially due to changes in the market price of the Company's stock, general market conditions, applicable securities laws, and alternative investment opportunities.
• The forward-looking statements are subject to risks, uncertainties, and other factors described in the Company's filings with the Securities and Exchange Commission.

Future Outlook

The Company intends to repurchase, from time to time, a combination of its Class A common stock and Class B common stock in the open market or otherwise. These repurchases are subject to market conditions, the market price of the Company's stock, and other factors.

Management Comments

• "The Company intends to repurchase, from time to time, in the open market or otherwise, a combination of the Company's Class A common stock and Class B common stock."
• The buy-back is undertaken "To enhance shareholder value."

Industry Context

Share repurchase programs are a common strategy employed by mature companies to return capital to shareholders, reduce the number of outstanding shares, and potentially boost earnings per share. This action aligns with typical corporate finance practices aimed at optimizing capital structure and signaling management's confidence in the company's valuation.

Stakeholder Impact

• Shareholders: Potential positive impact through enhanced shareholder value, reduced share count, and potential share price support due to the ongoing repurchase program.

Next Steps

• Ongoing repurchases of Class A and Class B common stock under the expanded $2 billion program, subject to market conditions.

Key Dates

Recommendation

Keywords

Stock repurchase, Share buyback, Capital return, Shareholder value, Class A common stock, Class B common stock, Nasdaq, SEC filing, Corporate finance