8-K: News Corp Continues $2B Share Buyback Program

News Corporation reports daily share repurchases for Class A and Class B common stock, continuing its $2 billion buyback program to enhance shareholder value.

Summary

• News Corporation filed a Form 8-K to report daily share repurchase activities for its Class A (NWSA) and Class B (NWS) common stock.
• The company is executing two stock repurchase programs: a 2021 program and a 2025 program, each authorizing up to US$1 billion in aggregate share repurchases.
• On December 17, 2025, News Corporation repurchased 70,004 shares of Class A common stock for US$1,824,808.27, with prices ranging from US$25.75 to US$26.24.
• On the same day, 30,471 shares of Class B common stock were repurchased for US$900,997.00, with prices ranging from US$29.26 to US$29.86.
• Cumulatively, under the 2021 Repurchase Program, the company has purchased approximately US$939,403,812 worth of Class A and Class B shares.
• The remaining authorization under the 2021 Repurchase Program is approximately US$60,596,188, and the full US$1 billion remains under the 2025 Repurchase Program.
• The buybacks are conducted through Goldman Sachs & Co. LLC and are intended to enhance shareholder value.

Sentiment

Score: 7

Explanation: The ongoing share buyback program is generally viewed positively by investors as it demonstrates management's commitment to returning capital to shareholders and can enhance shareholder value by reducing the share count.

Positives

• The ongoing share repurchase program aims to enhance shareholder value by reducing the number of outstanding shares.
• The company continues to execute on its commitment to return capital to shareholders.
• Buyback activity can support the stock price and potentially increase earnings per share.

Risks

• Actual results of the repurchase program 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.
• 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 repurchase, from time to time, in the open market or otherwise, a combination of its Class A and Class B common stock, subject to market conditions, stock price, applicable securities laws, and alternative investment opportunities. The company does not undertake any obligation to publicly update these forward-looking statements.

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 the buy-back is to enhance shareholder value."

Industry Context

Share buybacks are a common corporate finance strategy used by mature companies with strong cash flows to return capital to shareholders, reduce the number of outstanding shares, and potentially boost earnings per share. News Corporation's ongoing program aligns with this trend, signaling management's confidence in the company's valuation and financial health.

Stakeholder Impact

• Shareholders: Benefit from the reduction in outstanding shares, which can lead to increased earnings per share and potentially higher stock prices. It also signals management's confidence in the company's valuation.

Next Steps

• The company will continue to execute its authorized share repurchase programs for Class A and Class B common stock.
• Further daily buy-back notifications will be provided to the ASX as required.

Key Dates

Recommendation

This filing is a routine daily update on an ongoing share repurchase program. While buybacks are generally positive for shareholder value, this specific notification does not contain new information that would warrant a change in investment recommendation. It confirms the continuation of an existing strategy.

Keywords

News Corporation, NWSA, NWS, share buyback, stock repurchase, capital return, shareholder value, SEC filing, 8-K, ASX, common stock