8-K: News Corp Continues Share Buyback, Nears 2021 Program Completion

News Corporation announced further share repurchases of its Class A and Class B common stock, progressing towards the completion of its 2021 buyback program while the 2025 program remains largely untapped.

Summary

• News Corporation is conducting share repurchases under two authorized programs: a 2021 Repurchase Program for up to US$1 billion and a 2025 Repurchase Program for an additional US$1 billion.
• As of December 19, 2025, the company bought back 72,000 shares of Class A common stock (NWSA) for US$1,880,877.60, with prices ranging from US$25.80 to US$26.36.
• On the same day, 31,304 shares of Class B common stock (NWS) were repurchased for US$930,170.19, at prices between US$29.48 and US$30.17.
• To date, under the 2021 Repurchase Program, approximately US$944,959,138 worth of Class A and Class B shares have been purchased.
• The remaining authorization under the 2021 program is approximately US$55,040,862, and the full US$1 billion remains under the 2025 program.
• The total number of Class A common stock on issue is 371,106,271, and Class B common stock is 142,731,173.
• The buy-back is being conducted through Goldman Sachs & Co. LLC and is intended to enhance shareholder value.

Sentiment

Score: 7

Explanation: The filing indicates a positive, routine capital management action that benefits shareholders by reducing share count and enhancing value. It's not a new major catalyst but a consistent execution of an existing strategy.

Positives

• The ongoing share repurchase program aims to enhance shareholder value by reducing the number of outstanding shares.
• The company has substantial remaining authorization of over US$1 billion across its two repurchase programs, indicating continued commitment to capital return.
• The buyback activity demonstrates active capital management by the company.

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 and alternative investment opportunities may influence the company's ability or decision to repurchase shares.
• 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 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 repurchase program is intended to enhance shareholder value.

Industry Context

NA

Stakeholder Impact

• Shareholders: Potential for enhanced shareholder value through reduced share count and improved earnings per share.

Next Steps

• Continue repurchasing Class A and Class B common stock under the remaining authorization of the 2021 Repurchase Program (approximately US$55 million remaining).
• Continue repurchasing Class A and Class B common stock under the 2025 Repurchase Program (US$1 billion remaining).

Key Dates

Recommendation

The ongoing share buyback is a positive, routine capital management action that supports shareholder value. However, it is a continuation of previously announced programs and does not present new information that would significantly alter the investment thesis or warrant a 'buy' or 'strong buy' recommendation based solely on this update. Investors should hold their positions, acknowledging the company's commitment to returning capital, while considering broader market and company-specific fundamentals for a more comprehensive view.

Keywords

News Corporation, NWSA, NWS, share buyback, stock repurchase, capital management, shareholder value, ASX, SEC filing