8-K: News Corp Continues $1 Billion Share Repurchase Program, Nearing Two-Thirds Completion

News Corporation announced ongoing progress in its $1 billion stock repurchase program, having acquired approximately $692.2 million in Class A and Class B common stock to date.

Summary

• News Corporation is continuing its previously authorized stock repurchase program, allowing for the acquisition of up to $1 billion in aggregate of its outstanding Class A and Class B common stock.
• As of July 3, 2025, the company has repurchased approximately US$692,206,558.78 worth of Class A and Class B shares under the program.
• This leaves approximately US$307,793,441.22 remaining under the authorized $1 billion repurchase program.
• On July 3, 2025, News Corp bought back 11,527 shares of Class A common stock for US$342,622.78, with prices ranging from US$29.57 to US$29.92.
• On the same day, 5,773 shares of Class B common stock were repurchased for US$198,108.00, with prices ranging from US$34.18 to US$34.54.
• The highest price paid for Class A stock under the program was US$30.69 on February 19, 2025, and the lowest was US$14.88 on September 29, 2022.
• For Class B stock, the highest price paid was US$35.25 on February 19, 2025, and the lowest was US$15.17 on September 29, 2022.
• The repurchase program aims to enhance shareholder value and is conducted through open market transactions or otherwise, with Morgan Stanley & Co. LLC acting as broker.

Sentiment

Score: 7

Explanation: The announcement of continued share repurchases is generally positive for shareholders as it indicates a commitment to returning capital and can enhance shareholder value. It's a routine update on an ongoing program, not a new major strategic initiative.

Positives

• The ongoing share repurchase program demonstrates a commitment to returning capital to shareholders.
• The program aims to enhance shareholder value by reducing the number of outstanding shares.
• Significant progress has been made, with over two-thirds of the authorized $1 billion program already utilized.

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 could impact the effectiveness and execution of the buyback.
• Applicable securities laws may impose restrictions or changes on the program.
• Alternative investment opportunities could influence management's decision-making regarding the repurchase program.

Future Outlook

News Corporation intends to continue repurchasing its Class A and Class B common stock from time to time, subject to market conditions, stock price, applicable securities laws, and alternative investment opportunities, as part of its ongoing $1 billion repurchase program.

Management Comments

• The company intends to repurchase, from time to time, in the open market or otherwise, a combination of its Class A common stock and Class B common stock.

Industry Context

Share repurchase programs are a common corporate finance strategy used by mature companies to return capital to shareholders, reduce the number of outstanding shares, and potentially boost earnings per share. News Corporation's ongoing program aligns with this trend, indicating a focus on shareholder value in the media and information services sector.

Stakeholder Impact

• Shareholders: Potential for enhanced shareholder value through reduced share count and increased earnings per share.

Next Steps

• News Corporation will continue to acquire its Class A and Class B common stock under the remaining authorization of the $1 billion repurchase program.
• The company will provide daily disclosures of transactions to the Australian Securities Exchange (ASX) as required.
• Information concerning the Repurchase Program will also be disclosed in the company's quarterly and annual reports.

Key Dates

Keywords

Share Repurchase, Stock Buyback, Capital Allocation, Shareholder Value, Class A Common Stock, Class B Common Stock, SEC Filing, ASX Notification, News Corporation