[8-K] NEWS CORP Reports Material Event
News Corporation filed an 8-K to update investors on its existing stock repurchase programs. The company is authorized to buy back up to $1 billion in total of its Class A and Class B common stock from time to time. Under Australian Securities Exchange rules, News Corp must provide daily disclosure of any repurchase transactions, and the 8-K attaches as Exhibits 99.1 and 99.2 the information supplied to the ASX on the dates noted in those exhibits.
The company highlights that these materials contain forward-looking statements about its intent to repurchase shares. It cautions that actual repurchases may differ materially due to factors such as stock price movements, market conditions, applicable securities laws and alternative investment opportunities, as well as risks described in its SEC filings. News Corp 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) announce in this 8-K filing?
News Corporation reported on 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 from time to time, and furnished to investors the same repurchase-related information it provided to the Australian Securities Exchange as Exhibits 99.1 and 99.2.
How large is News Corporation's current stock repurchase authorization?
The company is authorized under its stock repurchase programs to acquire in the aggregate up to $1 billion of its outstanding Class A common stock and Class B common stock.
Why is News Corporation providing information to the Australian Securities Exchange?
Under the rules of the Australian Securities Exchange (ASX), News Corporation must provide daily disclosure of transactions under its stock repurchase programs, if any. The information supplied to the ASX on the noted dates is attached to this report as Exhibits 99.1 and 99.2.
What types of shares are covered by News Corporation's repurchase programs?
The repurchase programs allow News Corporation to buy back its outstanding Class A common stock and Class B common stock, both with a par value of $0.01 per share.
How does News Corporation describe the forward-looking statements in its repurchase disclosures?
The company states that information provided to the ASX and attached as Exhibits 99.1 and 99.2 contains forward-looking statements about its intent to repurchase shares from time to time. These statements are based on current expectations and are subject to uncertainties, including stock price changes, market conditions, securities laws and alternative investment opportunities, as well as risks described in its SEC filings.
Does News Corporation commit to updating its forward-looking statements on share repurchases?
News Corporation states that its forward-looking statements are made only as of the date of the report and that it does not undertake any obligation to publicly update them to reflect subsequent events or circumstances, except as required by law or regulation.
