8-K: News Corp Continues $1 Billion Stock Buyback Program

News Corporation announced daily updates on its ongoing $1 billion stock repurchase program for Class A and Class B common stock.

Summary

• News Corporation is continuing its previously authorized stock repurchase program, allowing for the acquisition of up to $1 billion of its Nasdaq-listed Class A and Class B common stock.
• The primary objective of the repurchase program is to enhance shareholder value.
• On January 22, 2026, the company repurchased 70,004 shares of Class A common stock for a total consideration of approximately US$1,869,379.82, with prices ranging from US$26.17 to US$26.85.
• On the same day, 30,471 shares of Class B common stock were repurchased for a total consideration of approximately US$940,204.03, with prices ranging from US$30.35 to US$30.985.
• Cumulatively, approximately US$3,126,470 worth of Class A and Class B shares have been purchased under the 2025 Repurchase Program to date.
• The repurchases are being conducted through Goldman Sachs & Co. LLC, and no ASX-listed CDIs will be repurchased in these programs.

Sentiment

Score: 7

Explanation: The ongoing stock repurchase program is a positive signal for shareholder value, demonstrating management's commitment to returning capital. It is a routine update on an existing program, reinforcing existing expectations rather than introducing new, unexpected news.

Positives

• The ongoing execution of the $1 billion stock repurchase program demonstrates a commitment to returning capital to shareholders.
• The program is explicitly stated to enhance shareholder value, which is a positive signal for investors.
• The company is actively buying back shares in the open market, indicating confidence in its valuation.

Risks

• Actual results of the repurchase program may vary materially from expectations due to changes in the market price of the Company's stock.
• General market conditions could impact the effectiveness and execution of the buyback program.
• Applicable securities laws and alternative investment opportunities may influence the program's scope and timing.
• Other risks, uncertainties, and factors described in the Company's filings with the Securities and Exchange Commission could affect the program's outcomes.

Future Outlook

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. These repurchases are subject to market conditions, the market price of the Company's stock, and other factors.

Management Comments

• The Company's intent to repurchase shares is based on management's current expectations and beliefs.
• The repurchase program is designed to enhance shareholder value.

Industry Context

This announcement reflects a routine capital management strategy common among mature, publicly traded companies. Share repurchase programs are often utilized to return capital to shareholders, optimize capital structure, and signal management's confidence in the company's valuation, aligning with broader industry practices for shareholder value creation.

Comparison to Industry Standards

• News Corporation's $1 billion share repurchase program is a standard capital allocation strategy, comparable to similar programs undertaken by other large media and information services companies.
• The use of an 'other buy-back' type, as described for its Nasdaq-listed shares, is typical for entities with dual listings or complex share structures, ensuring compliance with both U.S. SEC and Australian ASX regulations.
• The engagement of a major broker like Goldman Sachs & Co. LLC for execution is a common practice for large-scale buybacks, ensuring efficient market execution.

Stakeholder Impact

• Shareholders benefit from the potential increase in share value due to a reduced share count and management's commitment to returning capital.
• The program signals management's confidence in the company's financial health and future prospects.

Next Steps

• The Company will continue to provide daily disclosures to the Australian Securities Exchange (ASX) regarding transactions under the Repurchase Program.
• Information concerning the Repurchase Program will also be disclosed in the Company's quarterly and annual reports filed with the SEC.

Key Dates

Recommendation

This filing provides a routine update on News Corporation's ongoing stock repurchase program. While share buybacks are generally positive for shareholder value by reducing the outstanding share count, this specific announcement does not introduce new information that would fundamentally alter the investment thesis. It confirms the continued execution of a previously announced capital allocation strategy. Therefore, a 'hold' recommendation is appropriate as it reinforces existing expectations without providing a catalyst for a significant re-evaluation.

Keywords

News Corporation, stock buyback, share repurchase, NWSA, NWS, Class A common stock, Class B common stock, shareholder value, capital management, ASX, SEC filing