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

News Corporation reports ongoing progress in its authorized $2 billion stock repurchase programs for Class A and Class B common stock, aiming to enhance shareholder value.

Summary

• News Corporation is actively executing its stock repurchase programs for Nasdaq-listed Class A and Class B common stock.
• The Company has two authorized repurchase programs: a 2021 Repurchase Program for up to $1 billion (authorized September 21, 2021) and a 2025 Repurchase Program for an additional $1 billion (authorized July 15, 2025), totaling $2 billion in authorized repurchases.
• As of December 22, 2025, approximately $947,712,767 worth of Class A and Class B shares have been purchased under the 2021 Repurchase Program.
• On December 22, 2025, 70,004 Class A shares were bought back for a total consideration of $1,838,214.03, with prices ranging from $26.105 to $26.45.
• On December 22, 2025, 30,471 Class B shares were bought back for a total consideration of $915,415.88, with prices ranging from $29.84 to $30.27.
• The highest price paid for Class A shares during the program was $30.93 on September 23, 2025, and the lowest was $14.88 on September 29, 2022.
• The highest price paid for Class B shares during the program was $35.41 on July 15, 2025, and the lowest was $15.17 on September 29, 2022.
• No ASX-listed CDIs will be repurchased in these programs.

Sentiment

Score: 7

Explanation: The filing indicates consistent execution of a significant share repurchase program, which is generally positive for shareholder value. No negative news or operational issues are reported, only routine updates on capital allocation.

Positives

• Ongoing stock repurchase programs aim to enhance shareholder value by reducing the number of outstanding shares.
• A significant capital allocation of $2 billion is authorized for returning value to shareholders.
• Active execution of the buyback demonstrates management's commitment to the program and capital management strategy.

Risks

• Actual results may vary materially from forward-looking statements due to changes in the market price of the Company's stock.
• General market conditions, applicable securities laws, and alternative investment opportunities can impact the effectiveness and execution of the repurchase programs.
• Other risks, uncertainties, and factors described in the Company's filings with the Securities and Exchange Commission could affect outcomes.

Future Outlook

The Company intends to repurchase, from time to time, its Class A and Class B common stock in the open market or otherwise, subject to market conditions, stock price, and other factors. The Company does not undertake any obligation to publicly update any forward-looking 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.

Industry Context

Share repurchase programs are a common capital allocation strategy employed by mature companies to return capital to shareholders, reduce share count, and potentially boost earnings per share. News Corporation's continued buyback activity aligns with this trend, signaling management's confidence in the company's valuation and financial health within the media and information services sector.

Comparison to Industry Standards

• News Corporation's $2 billion aggregate share repurchase authorization is a substantial program, comparable in scale to those undertaken by other large media and information services companies.
• Companies like Disney or Comcast often engage in multi-billion dollar buybacks to manage capital and enhance shareholder returns, indicating News Corporation's program is in line with industry practices.
• The execution of nearly $948 million under the 2021 program demonstrates active management of capital, which is a standard practice among industry leaders aiming to optimize their capital structure and shareholder value.

Stakeholder Impact

• Shareholders: Potential for increased earnings per share and enhanced share value due to reduced share count, reflecting a return of capital.
• Investors: Provides transparency on capital allocation strategies and ongoing commitment to shareholder returns, reinforcing confidence in management's financial stewardship.

Next Steps

• Continue repurchasing Class A and Class B common stock under the authorized programs, subject to market conditions and other factors.

Key Dates

Recommendation

The ongoing share repurchase program is a positive signal of management's commitment to shareholder value and confidence in the company's valuation. However, this filing is a routine update on an existing program and does not present new fundamental information that would warrant a change in investment thesis. It reinforces a 'hold' position for investors already in the stock, as the company continues its expected capital management activities.

Keywords

News Corporation, stock buyback, share repurchase, Class A common stock, Class B common stock, shareholder value, capital allocation, NWSA, NWS