News Corporation (NASDAQ: NWS) outlines $1B buyback disclosure duties
Rhea-AI Filing Summary
News Corporation filed an update describing how it reports activity under its existing stock repurchase programs. The company is authorized to buy back up to $1 billion in aggregate of its Class A and Class B common stock from time to time. Because its shares are also listed on the Australian Securities Exchange (ASX), News Corp must provide the ASX with daily disclosure of any repurchase transactions and makes similar disclosures in its quarterly and annual reports.
The filing attaches, as exhibits, copies of the information supplied to the ASX. News Corp notes that these materials contain forward-looking statements about potential future repurchases, which depend on factors such as the stock price, market conditions, securities laws and alternative investment opportunities, as well as risks described in its SEC filings. The company states it has no obligation to update these forward-looking statements except as required by law.
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FAQ
What does News Corporation (NWS) disclose in this 8-K filing?
The filing explains how News Corporation reports activity under its stock repurchase programs and attaches information previously provided to the Australian Securities Exchange (ASX) as exhibits.
How large are News Corporation's authorized stock repurchase programs?
News Corporation is authorized to acquire, from time to time, up to $1 billion in aggregate of its outstanding Class A and Class B common stock under its repurchase programs.
Why is News Corporation providing information to the Australian Securities Exchange?
Under ASX rules, News Corporation must give the ASX daily disclosure of any transactions carried out under its stock repurchase programs, so the attached exhibits mirror that information.
Which exhibits are included with News Corporation's 8-K about share repurchases?
The filing includes Exhibit 99.1 and Exhibit 99.2, each containing information provided to the ASX on the dates noted in those exhibits, plus Exhibit 104 for the cover page interactive data file.
What forward-looking statements does News Corporation highlight in connection with its repurchase programs?
News Corporation notes that the attached ASX disclosures include forward-looking statements about its intent to repurchase Class A and Class B stock from time to time, which depend on factors such as stock price, market conditions, applicable securities laws and alternative investment opportunities.
Does News Corporation commit to updating its forward-looking statements about buybacks?
News Corporation states it does not undertake any obligation to publicly update forward-looking statements about its repurchase programs, except as required by law or regulation.
