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

News Corporation announced ongoing share repurchases under its combined $2 billion stock buyback programs for Class A and Class B common stock.

Summary

• News Corporation is continuing its stock repurchase programs, authorized for an aggregate of up to $2 billion for its Class A and Class B common stock.
• The 2021 Repurchase Program authorized up to $1 billion, and an additional $1 billion was authorized under the 2025 Repurchase Program as of July 15, 2025.
• As of October 2, 2025, the company repurchased 58,843 shares of Class A common stock for $1,691,224.32 and 25,613 shares of Class B common stock for $830,191.61.
• Cumulatively, before October 2, 2025, 24,484,912 Class A shares were bought back for $524,456,303, and 11,990,858 Class B shares were bought back for $267,442,384.
• To date, approximately $794,420,102 worth of Class A and Class B shares have been purchased under the 2021 Repurchase Program.
• The buy-back is being conducted to enhance shareholder value, with Goldman Sachs & Co. LLC acting as the broker.
• No ASX-listed CDIs will be repurchased in these programs, and no security holder approval or foreign participation restrictions apply.

Sentiment

Score: 7

Explanation: The filing indicates a positive, ongoing capital management strategy aimed at enhancing shareholder value through share repurchases. It's a routine update on a previously announced program, reflecting consistent execution.

Positives

• The ongoing share repurchase program demonstrates a commitment to returning capital to shareholders and enhancing shareholder value.
• The authorization of an additional $1 billion under the 2025 Repurchase Program indicates continued confidence in the company's financial position and future prospects.

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, applicable securities laws, and alternative investment opportunities.
• The company does not undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances, except as required by law or regulation.

Future Outlook

The company intends to continue repurchasing its Class A and Class B common stock from time to time, in the open market or otherwise, subject to market conditions, the market price of its stock, applicable securities laws, and alternative investment opportunities.

Management Comments

• The company's management intends to repurchase shares to enhance shareholder value.

Industry Context

This ongoing share repurchase activity is a common capital management strategy employed by mature companies in the media and publishing industry to return value to shareholders, optimize capital structure, and potentially boost earnings per share by reducing the number of outstanding shares.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders are positively impacted by the ongoing share repurchase program, which aims to enhance shareholder value by reducing the number of outstanding shares and potentially increasing earnings per share.

Next Steps

• Continue repurchases of Class A and Class B common stock under the authorized 2021 and 2025 Repurchase Programs.

Key Dates

Recommendation

The filing details the ongoing execution of previously announced share repurchase programs, which is a positive for shareholder value. However, it does not present new fundamental information or unexpected financial results that would warrant a change in investment recommendation. It's a routine operational update on capital management, reinforcing the existing investment thesis rather than altering it.

Keywords

News Corporation, NWSA, NWS, stock buyback, share repurchase, capital management, shareholder value, media, publishing