News Corporation has provided details about their buyback program in the recent notification to ASX.
The program includes the repurchase of Class A common stock and Class B common stock up to a total of US$2 billion.
The company intends to make these repurchases in the open market or otherwise, subject to market conditions.
Type of Buyback
The buyback program includes repurchasing an aggregate of US$2 billion of Class A common stock and Class B common stock.
Maximum Number of Securities
The company intends to buy back up to an aggregate of US$1 billion of Class A common stock and Class B common stock under the 2021 Repurchase Program and an additional US$1 billion under the 2025 Repurchase Program.
ASX Code
The ASX issuer code for News Corporation is NWS.
- The announcement of the buyback program may signal the company's confidence in its financial position and future prospects.
- Shareholders may view the buyback positively as it can lead to an increase in earnings per share and potentially boost stock prices.
News Corporation's buyback program is a strategic move to use excess cash for the benefit of shareholders and enhance shareholder value in the long term.