8-K: News Corp Continues Share Buyback Program

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

Summary

• News Corporation is executing its authorized stock repurchase programs for Class A and Class B common stock.
• The company has two active programs: a US$1 billion program authorized on September 21, 2021 (2021 Repurchase Program), and an additional US$1 billion program authorized on July 15, 2025 (2025 Repurchase Program).
• As of October 24, 2025, the company bought back a total of 100,475 shares (70,004 Class A and 30,471 Class B) for a total consideration of US$2,774,553.80.
• To date, under the 2021 Repurchase Program, approximately US$837,339,195 worth of Class A and Class B shares have been purchased.
• The remaining authorization under the 2021 Repurchase Program is approximately US$162,660,805, and the full US$1 billion remains under the 2025 Repurchase Program.
• The buybacks are conducted in the open market or otherwise, with Goldman Sachs & Co. LLC acting as the broker.

Sentiment

Score: 7

Explanation: The ongoing share repurchase program is a positive signal of management's confidence and commitment to shareholder value. While a routine update, it reinforces a capital allocation strategy that can support stock price and earnings per share.

Positives

• Ongoing execution of the share repurchase programs demonstrates a commitment to returning capital to shareholders.
• The buyback is intended to enhance shareholder value by reducing the number of outstanding shares.
• The company has substantial remaining authorization under both the 2021 (approx. US$162.66 million) and 2025 (US$1 billion) repurchase programs.

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 repurchase decisions.
• Other risks, uncertainties, and factors described in the company's SEC filings could affect the program.

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 and the market price of the company's stock, as well as other factors.

Management Comments

• Management's current expectations and beliefs support the ongoing repurchase programs.
• The company intends to repurchase shares from time to time to enhance shareholder value.

Industry Context

Share repurchase programs are a common capital allocation strategy employed by mature companies to return value to shareholders, optimize capital structure, and potentially boost earnings per share. News Corporation's ongoing buyback reflects a continued focus on shareholder returns, aligning with broader market trends where companies with strong cash flows often engage in such activities.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders benefit from the reduction in outstanding shares, which can lead to increased earnings per share and potential stock price appreciation.
• The buyback signals management's confidence in the company's financial health and future prospects, potentially boosting investor sentiment.

Next Steps

• Continue repurchasing Class A and Class B common stock under the authorized 2021 and 2025 Repurchase Programs.
• Provide daily disclosure of transactions to the Australian Securities Exchange (ASX) as required.
• Disclose information concerning the Repurchase Programs in quarterly and annual reports.

Key Dates

Recommendation

This filing is a routine update on an ongoing share repurchase program, which is generally a positive action for shareholders. However, it does not contain new information that would significantly alter the investment thesis or warrant a change in recommendation from a seasoned investor. The buyback supports shareholder value, but the news itself is expected and already factored into current valuations.

Keywords

News Corporation, stock buyback, share repurchase, NWSA, NWS, Class A Common Stock, Class B Common Stock, ASX, Nasdaq, shareholder value