8-K: News Corporation Continues $1 Billion Stock Repurchase Program, Nearing $700 Million Mark

News Corporation provides an update on its ongoing $1 billion stock repurchase program, detailing recent Class A and Class B common stock acquisitions and total repurchases to date.

Summary

• News Corporation is authorized to acquire up to an aggregate of US$1 billion of its outstanding Class A common stock (NWSA) and Class B common stock (NWS) under its Repurchase Program.
• The stock repurchase program was initially notified on September 22, 2021.
• As of July 11, 2025, News Corporation has purchased approximately US$696,050,783.40 worth of Class A and Class B shares combined.
• On July 11, 2025, the company bought back 11,527 Class A shares for a total consideration of US$340,876.44.
• On July 11, 2025, the company bought back 5,773 Class B shares for a total consideration of US$197,921.53.
• Total Class A common stock bought back to date amounts to 22,333,825 shares for US$460,514,030.49.
• Total Class B common stock bought back to date amounts to 11,028,221 shares for US$234,997,954.94.
• The highest price paid for Class A shares was US$30.69 on February 19, 2025, and the lowest was US$14.88 on September 29, 2022.
• The highest price paid for Class B shares was US$35.25 on February 19, 2025, and the lowest was US$15.17 on September 29, 2022.
• Approximately US$303,949,216.60 remains authorized for repurchase under the $1 billion program.

Sentiment

Score: 7

Explanation: The document provides a positive update on an ongoing share repurchase program, which is generally viewed favorably by investors as it aims to enhance shareholder value. There are no negative surprises, delays, or adverse financial disclosures reported.

Positives

• The ongoing stock repurchase program is intended to enhance shareholder value.
• The company continues to actively execute its previously announced $1 billion buy-back authorization, demonstrating commitment to capital return.

Risks

• Actual results of the repurchase program may vary materially from expressed or implied statements due to changes in the market price of the company's stock.
• General market conditions, applicable securities laws, and alternative investment opportunities could impact the program's execution.
• Other risks, uncertainties, and factors described in the company's filings with the Securities and Exchange Commission may affect 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. These repurchases are subject to market conditions, the market price of the company's stock, and other factors. The company does not undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances, except as required by law or regulation.

Management Comments

• The company is authorized to acquire up to an aggregate of US$1 billion of its outstanding shares of Class A common stock and Class B common stock.
• 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 allocation strategy employed by mature companies across various industries, including media and information services, to return value to shareholders, reduce the outstanding share count, and potentially boost earnings per share. News Corporation's continued execution of its buyback program aligns with typical corporate finance practices aimed at optimizing shareholder returns.

Comparison to Industry Standards

• Share buybacks are a standard practice for companies with strong cash flows and limited immediate reinvestment opportunities, aiming to enhance shareholder returns.
• News Corporation's $1 billion program is a significant commitment, comparable in scale to similar capital return initiatives seen in other large media conglomerates or diversified holding companies that prioritize shareholder returns.

Stakeholder Impact

• Shareholders: Potential for enhanced shareholder value through a reduced share count and potential increase in earnings per share, as the company returns capital through buybacks.

Next Steps

• Continuation of the stock repurchase program as market conditions and other factors permit, until the remaining authorization of approximately US$303.9 million is exhausted.

Key Dates

Recommendation

Keywords

News Corporation, stock repurchase, share buyback, Class A common stock, Class B common stock, NWSA, NWS, shareholder value, capital allocation, SEC filing, 8-K, Nasdaq