8-K: News Corp Updates Share Buyback Programs, Daily Activity

News Corporation announced daily updates on its Class A and Class B common stock repurchase programs, detailing recent buy-backs and remaining authorization.

Summary

• News Corporation operates two active stock repurchase programs: the 2021 Repurchase Program and the 2025 Repurchase Program, each authorizing up to US$1 billion in aggregate share acquisitions.
• On December 29, 2025, the company repurchased 70,004 shares of Class A common stock (NWSA) for a total consideration of US$1,834,587.83.
• On the same day, 30,474 shares of Class B common stock (NWS) were bought back for US$909,651.95.
• To date, under the 2021 Repurchase Program, approximately US$958,716,220 worth of Class A and Class B shares have been purchased, leaving US$41,283,780 remaining under this program.
• The buy-backs are conducted in the open market or otherwise, with Goldman Sachs & Co. LLC acting as the broker.
• The stated reason for the buy-back is to enhance shareholder value.

Sentiment

Score: 7

Explanation: The ongoing share repurchase programs and daily execution demonstrate a consistent commitment to shareholder value. While a routine update, the active buy-back activity is generally viewed favorably by investors.

Positives

• The ongoing share repurchase programs (2021 and 2025) demonstrate a consistent commitment to returning capital to shareholders.
• A significant portion of the 2021 Repurchase Program has been utilized, indicating active management of capital structure.
• The stated objective of the buy-back is to enhance shareholder value, which is generally viewed favorably by investors.

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, applicable securities laws, and alternative investment opportunities.
• Other risks, uncertainties, and factors described in the Company's filings with the Securities and Exchange Commission could also impact the program.

Future Outlook

The company intends to repurchase Class A and Class B common stock from time to time, in the open market or otherwise, subject to market conditions, stock price, and other factors. 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 the buy-back is to enhance shareholder value."

Industry Context

Share buybacks are a common capital allocation strategy employed by mature companies across various industries, including media and publishing, to return value to shareholders, improve earnings per share, and signal management's confidence in the company's valuation. This action aligns with broader corporate finance practices aimed at optimizing capital structure and shareholder returns.

Comparison to Industry Standards

• Many large media conglomerates and diversified content companies, such as Paramount Global, Warner Bros. Discovery, and Disney, regularly engage in share repurchase programs to manage their capital and enhance shareholder value.
• News Corporation's consistent execution of its multi-billion dollar buyback programs is in line with these industry peers' strategies for capital return, especially given the mature nature of some of its business segments.

Stakeholder Impact

• Shareholders: Potential for enhanced shareholder value through reduced share count and improved earnings per share.
• Investors: Provides transparency on the execution of the capital return program.

Next Steps

• Continue repurchasing Class A and Class B common stock under the authorized programs, subject to market conditions and other factors.
• 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 the routine execution of News Corporation's previously announced share repurchase programs. While the ongoing buybacks are a positive signal for shareholder value, this specific update does not introduce new material information or changes in strategy that would alter a seasoned investor's fundamental view of the company. It reinforces a 'hold' stance, acknowledging consistent capital return without providing catalysts for a stronger 'buy' or 'sell' recommendation.

Keywords

News Corporation, Share Buyback, Stock Repurchase, NWSA, NWS, Capital Return, Shareholder Value, ASX, Nasdaq