News Corp (Nasdaq: NWS) details $1B buyback disclosures to ASX
Rhea-AI Filing Summary
News Corporation reported that under its existing stock repurchase programs it is authorized to buy back up to $1 billion in total of its Class A and Class B common shares. The company explains that, under Australian Securities Exchange rules, it must provide the ASX with daily disclosure of any repurchase transactions and also includes repurchase information in its quarterly and annual reports.
The filing attaches as exhibits the information supplied to the ASX and notes that these materials contain forward-looking statements about potential future share repurchases. News Corporation emphasizes that actual repurchase activity may differ due to factors such as changes in its share price, overall market conditions, securities laws and alternative investment opportunities, and states it does not undertake to update these forward-looking statements except as required by law.
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FAQ
What did News Corporation (NWS) disclose in this 8-K filing?
News Corporation described its existing stock repurchase programs, under which it is authorized to acquire up to $1 billion of its Class A and Class B common stock, and furnished as exhibits the information it provides daily to the Australian Securities Exchange regarding any repurchase transactions.
How large are News Corporations authorized share repurchase programs?
The company is authorized to repurchase, from time to time, up to $1 billion in the aggregate of its outstanding Class A common stock and Class B common stock under its stock repurchase programs.
Which News Corporation shares are covered by the repurchase programs?
The repurchase programs cover News Corporations Class A common stock and Class B common stock, each with a par value of $0.01 per share.
Why is News Corporation providing information to the Australian Securities Exchange?
Under Australian Securities Exchange (ASX) rules, News Corporation must give the ASX daily disclosure of transactions executed under its stock repurchase programs, if any. Copies of this ASX information are attached as Exhibit 99.1 and Exhibit 99.2.
What risks could affect News Corporations share repurchase activity?
The company notes that actual repurchases may be affected by changes in the market price of its stock, general market conditions, applicable securities laws and alternative investment opportunities, as well as other risks and uncertainties described in its SEC filings.
How does News Corporation treat the forward-looking statements about repurchases?
News Corporation states that its comments on intended future repurchases are forward-looking statements based on current expectations, may differ materially from actual results, and are made only as of the date of the report. The company disclaims any obligation to update them except as required by law or regulation.
