8-K: News Corp Continues Share Buyback Programs

News Corporation announced daily updates on its ongoing Class A and Class B common stock repurchase programs, totaling US$2 billion in authorization.

Summary

• News Corporation is executing two stock repurchase programs, authorized for an aggregate of US$2 billion.
• The 2021 Repurchase Program, authorized on September 21, 2021, allows for up to US$1 billion in buybacks.
• An additional 2025 Repurchase Program, authorized on July 15, 2025, provides for another US$1 billion in buybacks.
• As of December 2, 2025, approximately US$909,183,286 has been spent under the 2021 Repurchase Program.
• This leaves approximately US$90,816,714 remaining under the 2021 program and the full US$1 billion under the 2025 program, for a total remaining authorization of US$1,090,816,714.
• On December 2, 2025, the company bought back 72,000 shares of Class A Common Stock (NWSA) for US$1,827,259.20, with prices ranging from US$25.15 to US$25.55.
• On the same day, 31,304 shares of Class B Common Stock (NWS) were repurchased for US$904,992.38, with prices ranging from US$28.69 to US$29.03.
• The buybacks are conducted to enhance shareholder value and are managed by Goldman Sachs & Co. LLC.

Sentiment

Score: 7

Explanation: The ongoing share repurchase program is a positive signal for shareholder value, demonstrating active capital management and confidence in the company's valuation. It's a routine capital allocation decision rather than a transformative event.

Positives

• The ongoing share repurchase programs demonstrate a commitment to returning capital to shareholders.
• The buybacks are intended to enhance shareholder value by reducing the number of outstanding shares.
• The company has substantial remaining authorization of US$1,090,816,714 across both programs, indicating continued capital management flexibility.

Risks

• Actual results of the repurchase programs may vary materially due to changes in the market price of the Company's stock.
• General market conditions could impact the effectiveness and timing of repurchases.
• Applicable securities laws and alternative investment opportunities may influence the execution of the programs.
• Other risks, uncertainties, and factors described in the Company's filings with the Securities and Exchange Commission could affect outcomes.

Future Outlook

The Company intends to continue repurchasing 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 the Company's stock, and other factors. The forward-looking statements are based on management's current expectations and beliefs and are subject to uncertainty and changes in circumstances.

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 repurchase programs are a common capital management strategy for mature companies in the media and information services industry. They signal management's confidence in the company's valuation and serve to return capital to shareholders, potentially boosting earnings per share and stock price.

Stakeholder Impact

• Shareholders are positively impacted through the potential for enhanced share value due to reduced share count and management's commitment to returning capital.

Next Steps

• Continued repurchases of Class A and Class B common stock under the authorized US$2 billion programs, subject to market conditions.

Key Dates

Recommendation

The filing details the continuation of News Corporation's existing share repurchase programs, which is a positive for shareholder value by reducing share count. However, it represents an ongoing capital allocation strategy rather than a new catalyst for significant stock appreciation or a change in the company's fundamental business outlook. Investors should hold based on their existing assessment of the company's core business performance and long-term strategy, as this update does not introduce new information warranting a change in recommendation.

Keywords

News Corporation, NWSA, NWS, Share Buyback, Stock Repurchase, Capital Management, Shareholder Value, Media, Publishing, Information Services