8-K: News Corp Continues Share Buyback Program

News Corporation announced further share repurchases of its Class A and Class B common stock under its ongoing $2 billion buyback authorization.

Summary

• News Corporation reported daily share repurchases of its Class A and Class B common stock on December 10, 2025, as part of its ongoing capital management strategy.
• The company operates under two authorized repurchase programs: a 2021 program for up to US$1 billion and a 2025 program for an additional US$1 billion, totaling US$2 billion in aggregate authorization.
• On December 10, 2025, 70,004 Class A shares (NWSA) were bought back for a total consideration of US$1,821,091.06, with prices ranging from US$25.82 to US$26.0033.
• On the same day, 30,471 Class B shares (NWS) were repurchased for US$899,994.50, with prices between US$29.30 and US$29.5396.
• Prior to December 10, 2025, a total of 27,837,685 Class A shares had been bought back for US$612,318,530, and 13,439,458 Class B shares for US$310,584,453.
• Approximately US$922,954,604 worth of Class A and Class B shares have been purchased under the 2021 Repurchase Program to date.
• The buybacks are conducted through Goldman Sachs & Co. LLC and are explicitly stated to enhance shareholder value.

Sentiment

Score: 7

Explanation: The ongoing share repurchase program is generally viewed positively by investors as it signals management's confidence and commitment to returning capital, potentially boosting shareholder value. The consistent execution of the program aligns with expectations.

Positives

• The ongoing share repurchase programs demonstrate management's commitment to returning capital to shareholders.
• The company has a substantial remaining authorization of approximately US$1.077 billion under its combined US$2 billion repurchase programs, indicating continued potential for shareholder value enhancement.
• Repurchases can reduce the number of outstanding shares, potentially increasing earnings per share and overall shareholder value.

Risks

• Changes in the market price of the Company's stock could impact the effectiveness or cost of the buyback program.
• General market conditions may affect the timing and execution of repurchases.
• Applicable securities laws could impose restrictions or requirements on the buyback activities.
• Alternative investment opportunities might compete for capital that could otherwise be used for repurchases.
• Other risks, uncertainties, and factors described in the Company's filings with the Securities and Exchange Commission.

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. These statements are based on management's current expectations and beliefs and are subject to uncertainty and changes in circumstances.

Management Comments

• The Company is authorized to acquire from time to time up to $1 billion in the aggregate of the Company's outstanding shares of Class A common stock and Class B common stock under each of its stock repurchase programs.
• 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 buy-back is to enhance shareholder value.

Industry Context

This filing primarily concerns internal capital allocation decisions and does not provide specific industry context. Share buybacks are a common practice across various industries for returning capital to shareholders and managing share count.

Stakeholder Impact

• Shareholders: Potential for increased earnings per share and share price appreciation due to reduced share count and demonstrated capital return.
• Employees: No direct impact mentioned.
• Customers: No direct impact mentioned.
• Suppliers: No direct impact mentioned.
• Creditors: No direct impact mentioned.

Next Steps

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

Key Dates

Recommendation

The filing details routine, ongoing share buyback activity, which is a positive signal for shareholder value. However, it does not contain new strategic initiatives, financial performance updates, or other material information that would fundamentally alter the investment thesis for a seasoned investor. The buyback is an expected part of the company's capital management. Therefore, a 'hold' recommendation is appropriate, maintaining current positions based on the existing broader investment case for News Corporation, while acknowledging the positive but non-transformative impact of the buyback.

Keywords

News Corporation, Share Buyback, Stock Repurchase, Class A Common Stock, Class B Common Stock, NWSA, NWS, Capital Allocation, Shareholder Value, ASX Notification