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

News Corporation announced ongoing daily repurchases of its Class A and Class B common stock under its authorized $2 billion stock repurchase programs, aiming to enhance shareholder value.

Summary

• News Corporation is continuing its stock repurchase programs, authorized for an aggregate of up to $2 billion.
• The 2021 Repurchase Program, authorizing $1 billion, was initiated on September 21, 2021.
• An additional $1 billion was authorized under the 2025 Repurchase Program as of July 15, 2025.
• As of November 17, 2025, approximately $881,506,046 worth of Class A and Class B shares have been purchased under the 2021 Repurchase Program.
• On November 17, 2025, 72,000 Class A common shares were bought back for $1,854,813.60, with prices ranging from $25.34 to $26.15.
• On November 17, 2025, 31,304 Class B common shares were bought back for $910,990.23, with prices ranging from $28.73 to $29.42.
• The buybacks are conducted in the open market or otherwise, through Goldman Sachs & Co. LLC, and are for cash consideration in USD.
• No ASX-listed CDIs will be repurchased in these programs.

Sentiment

Score: 8

Explanation: The continuation of a substantial stock repurchase program, including a recent additional authorization, is a strong positive signal to shareholders, indicating management's confidence in the company's valuation and commitment to returning capital. This action typically supports share price and enhances shareholder value.

Positives

• Ongoing stock repurchase programs demonstrate a commitment to returning capital to shareholders.
• The authorization of an additional $1 billion in July 2025 (2025 Repurchase Program) indicates continued confidence in the company's financial position and a strategy to enhance shareholder value.
• The company has already utilized a significant portion ($881.5 million) of the 2021 Repurchase Program, actively reducing share count.

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.
• Alternative investment opportunities could divert capital from the buyback program.
• Other risks, uncertainties, and factors described in the Company's filings with the Securities and Exchange Commission.

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, 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, the Company's Class A common stock and Class B common stock.
• The reason for the buy-back is to enhance shareholder value.

Industry Context

Share repurchase programs are a common strategy employed by mature, profitable companies in the media and information services industry to return capital to shareholders, reduce the number of outstanding shares, and potentially boost earnings per share. This ongoing program by News Corporation aligns with such industry practices, signaling financial stability and a commitment to shareholder returns.

Stakeholder Impact

• Shareholders: Potential for increased earnings per share and share price appreciation due to reduced share count and demonstrated commitment to capital return.

Next Steps

• The Company will continue to acquire shares from time to time under its authorized repurchase programs, subject to market conditions and other factors.
• Daily disclosures will be made to the ASX as required.

Key Dates

Recommendation

The ongoing and recently expanded stock repurchase program signals management's belief that the company's stock is undervalued and that returning capital to shareholders is a priority. This action can lead to a reduction in outstanding shares, potentially boosting earnings per share and supporting the stock price. For a seasoned investor, this indicates a favorable outlook and a strategic move to enhance shareholder value, making it an attractive buying opportunity.

Keywords

News Corporation, NWSA, NWS, stock buyback, share repurchase, capital return, shareholder value, Class A common stock, Class B common stock, SEC filing, 8-K, ASX notification, Goldman Sachs