8-K: News Corp updates $1B share buyback progress

News Corp reported ongoing Class A and B share repurchases under its $1 billion 2025 program, with approximately $148.9 million executed to date and recent daily activity disclosed to the ASX.

Summary

• Authorized repurchase capacity totals $1,000,000,000 for Class A and Class B common stock under the 2025 Repurchase Program (authorized as of July 15, 2025).
• Approximately $148,851,628 of Class A and Class B shares have been repurchased to date under the 2025 Repurchase Program (based on total consideration paid).
• Class A (NWSA): 3,880,596 shares repurchased before the previous day and 86,681 shares on the previous day (27/03/2026), for total consideration of $94,011,277.46 before the previous day and $2,096,241.30 on the previous day.
• Class A price range: highest price $27.21 (02/02/2026) and lowest price $22.20 (09/02/2026); on the previous day, highest $24.32 and lowest $23.95.
• Class B (NWS): 1,881,347 shares repurchased before the previous day and 43,319 shares on the previous day (27/03/2026), for total consideration of $51,549,150.79 before the previous day and $1,194,958.95 on the previous day.
• Class B price range: highest price $31.40 (02/02/2026) and lowest price $25.49 (13/02/2026); on the previous day, highest $27.805 and lowest $27.30.
• Goldman Sachs & Co. LLC is executing on-market repurchases on the Company’s behalf.
• Stated rationale for the buyback is to enhance shareholder value; activity remains subject to market conditions, stock price, laws and other factors.
• Forward-looking statements related to repurchase intent are subject to risks including stock price changes, market conditions, securities laws, and alternative investment opportunities, and the Company disclaims any duty to update except as required.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as mildly positive: the company is actively executing a sizable authorization, but only a small portion has been completed and no incremental financial data or guidance was provided.

Positives

• Active execution of a sizable buyback program with $148,851,628 completed to date under the $1,000,000,000 authorization.
• Recent daily repurchases demonstrate ongoing activity: Class A 86,681 shares ($2,096,241.30) and Class B 43,319 shares ($1,194,958.95) on 27/03/2026.
• Use of a major broker (Goldman Sachs & Co. LLC) to execute on-market transactions.
• No shareholder approval required for the program and no foreign participation restrictions.

Negatives

• Only a fraction of the $1,000,000,000 authorization has been utilized to date (~14.9%), indicating a long runway with uncertain pacing.
• No financial performance updates or earnings guidance accompany the repurchase disclosure.
• Repurchase levels are contingent on market conditions, introducing uncertainty around timing and scale.

Risks

• Changes in the market price of the Company’s stock may affect the scale and timing of repurchases.
• General market conditions could constrain or alter repurchase activity.
• Applicable securities laws may limit or affect the conduct of repurchases.
• Alternative investment opportunities could reduce or defer buyback activity.
• Other risks, uncertainties and factors described in the Company’s SEC filings may cause actual results to vary materially from forward-looking statements.

Future Outlook

Management 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, stock price, applicable securities laws, and alternative investment opportunities; no obligation to update forward-looking statements except as required by law.

Management Comments

• Intends to repurchase, from time to time, a combination of Class A and Class B common stock in the open market or otherwise, subject to market conditions and other factors.
• States the rationale for the buyback is to enhance shareholder value.
• Notes that forward-looking statements regarding repurchases are based on current expectations and are subject to risks and uncertainties; no obligation to update except as required.

Industry Context

StockSavvy.ai notes that U.S. media and publishing companies have increasingly favored buybacks as a flexible capital return tool. A $1B authorization positions News Corp to manage capital structure and offset dilution, though execution pace varies across the sector given macro volatility and regulatory trading windows.

Comparison to Industry Standards

• Relative authorization scale: At $1B, News Corp’s program is modest compared with mega-cap peers (e.g., Comcast, Disney) that have historically authorized multi-billion programs, but broadly in line with mid-cap media/publishing peers.
• Execution pacing: The partial utilization (~14.9%) suggests a measured approach consistent with industry practice of deploying repurchases opportunistically within blackout and liquidity constraints.
• Price discipline: Reported trading ranges (Class A ~$22.20–$27.21; Class B ~$25.49–$31.40) reflect typical open-market execution bands observed in sector buybacks during early 2026 volatility.

Stakeholder Impact

• Shareholders: Potential EPS accretion and improved capital return profile as buybacks reduce share count over time.
• Creditors: Cash outflows for buybacks may modestly affect liquidity, though no leverage changes are disclosed here.
• Market participants: On-market purchases may provide incremental trading support within disclosed price ranges.

Next Steps

• Continue executing repurchases of Class A and Class B common stock from time to time, subject to market conditions and other factors.
• Provide ongoing daily buy-back notifications to the ASX when applicable.
• Disclose repurchase activity in future quarterly and annual reports.

Key Dates

Recommendation

Execution of the $1B authorization is positive, but the current disclosure primarily updates buyback activity without new operating metrics, valuation detail, or guidance. Maintaining a neutral stance is prudent until further financial results or acceleration in repurchase execution indicate clearer value creation.

Keywords

News Corp, NWSA, NWS, share repurchase, buyback, ASX Appendix 3C, Class A common stock, Class B common stock, Goldman Sachs, capital return, stock buy-back, Nasdaq, media, publishing