8-K: News Corp Continues $2 Billion Stock Buyback Program

News Corporation reports daily updates on its ongoing Class A and Class B common stock repurchase programs, totaling $2 billion.

Summary

• News Corporation is actively executing its stock repurchase programs for both Class A (NWSA) and Class B (NWS) common stock.
• The company has two authorized repurchase programs: a 2021 program for up to US$1 billion and a 2025 program for an additional US$1 billion, bringing the total authorized to US$2 billion.
• As of November 11, 2025, approximately US$870,470,233 has been spent under the 2021 Repurchase Program, leaving US$129,529,767 remaining for that program.
• The full US$1 billion authorized under the 2025 Repurchase Program remains available.
• On November 11, 2025, the company repurchased 70,004 Class A shares for US$1,875,491.16 (average price US$26.79) and 30,471 Class B shares for US$921,954.95 (average price US$30.26).
• On November 10, 2025, the company repurchased 70,004 Class A shares for US$1,876,191.20 (average price US$26.80) and 30,471 Class B shares for US$922,664.93 (average price US$30.28).
• The buy-backs are conducted in the open market or otherwise, with Goldman Sachs & Co. LLC acting as the broker.
• The stated reason for the buy-back is to enhance shareholder value.
• No ASX-listed CDIs are being repurchased under these programs.

Sentiment

Score: 7

Explanation: The filing details ongoing stock buybacks, which are generally positive for shareholder value. No negative news or significant deviations from the announced program are present. The routine nature of the daily updates contributes to a neutral-to-positive sentiment, reflecting consistent capital allocation.

Positives

• The company has a substantial aggregate authorization of US$2 billion for its stock repurchase programs, demonstrating a commitment to returning capital to shareholders.
• The ongoing daily execution of the buy-back program indicates consistent management action to enhance shareholder value.
• The repurchase program does not require security holder approval and has no restrictions on foreign participation, simplifying its execution.

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 or execution of the 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.

Future Outlook

The company intends to repurchase Class A and Class B common stock from time to time in the open market or otherwise, subject to market conditions, stock price, and other factors. These forward-looking statements are based on management's current expectations and beliefs and are subject to uncertainty and changes in circumstances. The company does not undertake any obligation to publicly update these statements, except as required by law or regulation.

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 reason for buy-back is to enhance shareholder value.

Industry Context

Share buy-back programs are a common capital allocation strategy employed by mature companies to return value to shareholders, reduce share count, and potentially boost earnings per share. News Corporation's consistent execution of its multi-billion dollar program aligns with this trend, signaling management's confidence in the company's valuation and financial health within the media and information services industry.

Comparison to Industry Standards

• The US$2 billion aggregate repurchase authorization is substantial for a media conglomerate like News Corporation, indicating a strong commitment to shareholder returns, comparable to similar programs by large, established companies in the sector.
• The use of Goldman Sachs & Co. LLC as a broker for open-market repurchases is standard practice for large public companies executing such programs.
• The stated reason 'to enhance shareholder value' is a typical and widely accepted justification for share buy-backs across various industries.

Stakeholder Impact

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

Next Steps

• Continue repurchasing Class A and Class B common stock under the authorized programs.
• Provide daily disclosure of transactions to the Australian Securities Exchange (ASX).
• Disclose information concerning the Repurchase Programs in quarterly and annual reports.

Key Dates

Recommendation

The filing provides routine updates on an ongoing stock buyback program, which is a positive for shareholder value but does not present new information that would significantly alter the investment thesis. The program is proceeding as expected, suggesting a 'hold' recommendation for investors already positioned in the stock, while new investors should consider the broader company fundamentals beyond this routine capital allocation activity.

Keywords

News Corporation, Stock Buyback, Share Repurchase, Class A Common Stock, Class B Common Stock, Shareholder Value, Capital Allocation, ASX, Nasdaq, NWS, NWSA