8-K: News Corporation Continues Share Repurchase Program, Nearing $700 Million Mark

News Corporation has filed an 8-K report detailing the ongoing progress of its $1 billion stock repurchase program, with approximately $686.26 million in shares acquired to date.

Summary

• News Corporation is continuing its previously announced stock repurchase program, authorized to acquire up to an aggregate of US$1 billion of its outstanding Class A and Class B common stock.
• As of June 17, 2025, the company has repurchased approximately US$686,260,050.78 worth of Class A and Class B shares under the program.
• On June 17, 2025, the company bought back 13,126 shares of Class A common stock for a total consideration of US$366,135.33, with prices ranging from US$27.61 to US$28.275.
• On the same day, 6,574 shares of Class B common stock were repurchased for a total consideration of US$209,983.42, with prices ranging from US$31.73 to US$32.25.
• Prior to June 17, 2025, the company had repurchased 22,119,408 Class A shares for US$454,285,606.27 and 10,920,838 Class B shares for US$231,398,325.76.
• The highest price paid for Class A shares under the program 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 under the program was US$35.25 on February 19, 2025, and the lowest was US$15.17 on September 29, 2022.
• The total number of Class A common stock shares on issue is 375,518,773, and Class B common stock shares on issue is 153,184,907.
• The buy-back program is conducted through Morgan Stanley & Co. LLC and is intended to enhance shareholder value.

Sentiment

Score: 6

Explanation: The document provides a routine update on an ongoing share repurchase program, which is generally viewed as a positive action for shareholder value. There are no new negative developments or significant changes to the program, maintaining a slightly positive to neutral sentiment.

Positives

• The ongoing stock repurchase program demonstrates management's commitment to returning capital to shareholders.
• The buy-back is explicitly stated to enhance shareholder value, which can lead to increased earnings per share and potentially higher stock prices over time.

Risks

• Forward-looking statements regarding the repurchase program are subject to uncertainty and changes in circumstances.
• Actual results may vary materially due to factors such as changes in the market price of the Company's stock, general market conditions, applicable securities laws, and alternative investment opportunities.
• The Company does not undertake any obligation to publicly update forward-looking statements to reflect subsequent events or circumstances, except as required by law or regulation.

Future Outlook

News Corporation intends to continue repurchasing its 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 its stock, and other factors, as part of its ongoing US$1 billion repurchase program.

Management Comments

• Management's current expectation and belief is to continue the repurchase program.
• The buy-back program is undertaken to enhance shareholder value.

Industry Context

Share repurchase programs are a common corporate finance strategy used by mature companies to return capital to shareholders, reduce the number of outstanding shares, and potentially boost earnings per share. News Corporation's continued execution of its program aligns with this broader industry practice.

Stakeholder Impact

• Shareholders: Potential for enhanced shareholder value through reduced share count and increased earnings per share.

Next Steps

• Continued repurchases of Class A and Class B common stock under the existing US$1 billion program, subject to market conditions and other factors.

Key Dates

Keywords

Stock Repurchase, Share Buyback, News Corporation, NWSA, NWS, SEC Filing, 8-K, Capital Allocation, Shareholder Value