News Corporation provided routine updates on its existing share-repurchase program, which allows it to buy back up to $1 billion of its Class A and Class B shares combined. The update does not announce a new program or a change to the existing authorization.
The company submitted daily buyback information to the Australian Securities Exchange. The material provided here does not show whether shares were bought on the reported dates, or the number of shares and prices involved.
Key details
- The existing program authorizes up to $1 billion in aggregate purchases of News Corp’s outstanding Class A and Class B common stock.
- News Corp reports any buyback transactions to the Australian exchange daily and also provides information about the program in its quarterly and annual reports.
- The company says any future repurchases may depend on factors including its share price, market conditions, securities laws and other investment opportunities.
What changes for investors
The update does not change News Corp’s share count, capital structure or buyback authorization based on the information provided. The $1 billion figure is the program’s maximum authorized amount, not an indication that the company has spent that amount.