News Corporation (NASDAQ: NWS) details ongoing share repurchase updates
Rhea-AI Filing Summary
News Corporation filed a current report describing ongoing activity under its existing stock repurchase programs. The company is authorized to acquire up to $1 billion in total of its outstanding Class A and Class B common stock from time to time. These programs cover both classes listed on The Nasdaq Global Select Market under the symbols NWSA and NWS.
Because its shares also trade on the Australian Securities Exchange (ASX), News Corporation must provide the ASX with daily disclosure of any transactions executed under the repurchase programs. This report furnishes, as Exhibits 99.1 and 99.2, copies of the information supplied to the ASX on the dates noted in those exhibits, and includes cautionary language that any intent to repurchase shares is a forward-looking statement subject to market conditions, legal requirements and other risk factors.
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FAQ
What did News Corporation (NWS) report in this 8-K filing?
News Corporation reported information about activity under its existing stock repurchase programs. It furnished, as Exhibits 99.1 and 99.2, copies of the information that was provided to the Australian Securities Exchange (ASX) regarding those repurchase transactions.
How large are News Corporation's share repurchase programs?
The company is authorized to acquire, 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 share classes are covered by the repurchase programs?
The repurchase programs cover both Class A common stock and Class B common stock of News Corporation. These classes are listed on The Nasdaq Global Select Market under the symbols NWSA (Class A) and NWS (Class B).
Why is News Corporation providing repurchase information to the Australian Securities Exchange?
Under the rules of the Australian Securities Exchange (ASX), News Corporation is required to provide daily disclosure of any transactions carried out under its stock repurchase programs. The 8-K includes, as exhibits, the same information that was supplied to the ASX.
What forward-looking statements are associated with News Corporation's repurchase programs?
The company notes that statements about its intent to repurchase Class A and Class B shares from time to time are forward-looking statements. These are based on management's current expectations and are subject to factors such as changes in the stock price, general market conditions, securities laws, alternative investment opportunities and risks described in its SEC filings.
Does News Corporation have an obligation to update its forward-looking repurchase statements?
News Corporation states that the forward-looking statements related to its share repurchase intent are made only as of the date of the report. It explicitly notes 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.
