News Corporation (NASDAQ: NWS) details ASX updates on $1B share repurchase plan
Rhea-AI Filing Summary
News Corporation filed a current report highlighting its existing stock repurchase programs, under which it is authorized to acquire up to $1 billion in aggregate of its Class A and Class B common stock. The company notes that, under Australian Securities Exchange rules, it provides daily disclosure to the ASX of any transactions made under these programs and also reports on the programs in its quarterly and annual reports.
The report attaches as Exhibits 99.1 and 99.2 copies of the information supplied to the ASX on the respective dates noted in those exhibits. The company explains that these materials contain forward-looking statements about its intent to repurchase shares, which are subject to factors such as stock price, market conditions, securities laws, alternative investment opportunities and other risks described in its SEC filings, and it states that it does not undertake to update such statements except as required by law or regulation.
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FAQ
What did News Corporation (NWS) disclose about its stock repurchase programs?
News Corporation reiterated that its stock repurchase programs authorize it to acquire, from time to time, up to $1 billion in aggregate of its outstanding Class A and Class B common stock. The report focuses on providing transparency around these programs and related disclosures to the Australian Securities Exchange.
How large is News Corporation's authorized share repurchase capacity?
The company is authorized under its repurchase programs to buy back up to an aggregate of $1 billion of its outstanding Class A common stock and Class B common stock. This amount covers both classes combined rather than being a separate limit for each.
Which share classes are covered by News Corporation's repurchase programs?
The authorization applies to both of News Corporation's listed equity classes: Class A common stock and Class B common stock. Repurchases under the programs may involve either or both classes of outstanding shares.
What information is contained in Exhibits 99.1 and 99.2 for News Corporation (NWS)?
Exhibits 99.1 and 99.2 are copies of information that News Corporation provided to the Australian Securities Exchange on the dates noted in each exhibit. These materials relate to transactions under the company's stock repurchase programs and satisfy the ASX requirement for daily disclosure of such activity, if any.
What factors could influence News Corporation's future share repurchases?
The company states that its forward-looking statements about potential repurchases are subject to uncertainties, including changes in the market price of its stock, general market conditions, applicable securities laws, and alternative investment opportunities, as well as risks and factors described in its SEC filings.
Is News Corporation obligated to update its forward-looking repurchase statements?
News Corporation explains that the forward-looking statements about its intent to repurchase Class A and Class B shares are made only as of the date of the report. It states that it does not undertake any obligation to publicly update these statements to reflect subsequent events or circumstances, except as required by law or regulation.
