News Corporation (NASDAQ: NWS) outlines $1B Class A and B buyback plans
Rhea-AI Filing Summary
News Corporation filed an update on its existing stock repurchase programs. The company is authorized to buy back up to $1 billion in total of its outstanding Class A and Class B common stock under these programs. The update explains that, under Australian Securities Exchange (ASX) rules, News Corp must provide daily disclosure to the ASX of any transactions made under the repurchase programs.
Copies of the information supplied to the ASX are included as Exhibits 99.1 and 99.2. The company notes that these materials contain forward-looking statements about its intent to repurchase shares from time to time and cautions that actual activity may differ due to stock price movements, market conditions, legal requirements and other risk factors described in its SEC reports.
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FAQ
What did News Corporation (NWS) disclose about its stock repurchase programs?
News Corporation disclosed that it is authorized to repurchase, from time to time, up to $1 billion in aggregate of its outstanding Class A and Class B common stock under its stock repurchase programs.
Which News Corporation shares are covered by the $1 billion repurchase authorization?
The authorization covers outstanding Class A common stock and Class B common stock of News Corporation.
Why is News Corporation providing information to the Australian Securities Exchange (ASX)?
Under ASX rules, News Corporation must give the ASX daily disclosure of any transactions executed under its stock repurchase programs. The company attached this information as Exhibits 99.1 and 99.2.
What are Exhibits 99.1 and 99.2 in News Corporation’s 8-K?
Exhibit 99.1 and Exhibit 99.2 are copies of the information that News Corporation provided to the ASX on the respective dates noted in each exhibit regarding activity under the repurchase programs.
Does News Corporation commit to repurchasing a specific amount of stock?
No fixed amount is committed. The company states that forward-looking statements about its intent to repurchase shares are subject to uncertainties, including share price, market conditions, securities laws and other risk factors described in its SEC reports.
What caution does News Corporation give about forward-looking statements on buybacks?
News Corporation explains that forward-looking statements about its intent to repurchase Class A and Class B shares may differ materially from actual results due to changes in stock price, general market conditions, applicable securities laws, alternative investments and other risks detailed in its SEC filings.
