News Corporation Announces Ongoing \$1 Billion Stock Buyback Program

Key Points:

• News Corporation (NASDAQ: NWSA, NWS) is continuing its substantial stock repurchase program, authorizing the buyback of up to \$1 billion in aggregate of its outstanding Class A and Class B common stock.
• The buyback covers both NASDAQ-listed securities (NWSA: Class A, NWS: Class B) and ASX-listed securities (NWSAA: Class A, NWSAB: Class B).
• As of the latest filing, the company has reported ongoing daily share repurchases as required by the ASX, with recent transactions disclosed for March 4, 2026.
• The program’s stated purpose is to enhance shareholder value.
• The company is not an emerging growth company and has not elected any extended transition period for accounting standards.
• No shareholder approval is required for this buyback under current rules.
• News Corp provides regular updates to both the ASX and the U.S. SEC regarding the progress of the repurchase program.

Details of the Buyback Program

News Corporation’s Board previously authorized the repurchase of up to \$1 billion of its outstanding shares. This program, referred to in filings as the “2025 Repurchase Program,” enables the company to buy back both Class A and Class B common stock from time to time, depending on market conditions, share price, and other investment opportunities.

On March 5, 2026, News Corp notified the Australian Securities Exchange (ASX) of its continuing intention to buy back shares. As of the notification:

• The total number of Class A shares on issue was 367,798,623.
• The total number of Class B shares on issue was 141,461,806.
• On March 4, 2026, the company repurchased 1,131,596 Class A shares at an aggregate cost of US\$31,113,793.77.
• The highest price paid for Class A shares during the buyback was US\$26.34 per share.
• For the latest day reported, the company repurchased Class A shares totaling approximately US\$2,096,258.63 and Class B shares totaling US\$1,156,197.11.
• The company does not set a minimum number of shares to be bought back but is authorized to purchase up to the full \$1 billion program limit.
• The buybacks are conducted on-market; that is, shares are purchased via the open market, providing liquidity to sellers and potentially supporting the share price.

Implications for Shareholders and Potential Price Sensitivity

• Share Buybacks Signal Management Confidence: The ongoing repurchase of shares signals that management believes the stock is undervalued or that returning capital to shareholders via buybacks is the best use of excess cash at this time. This often has a positive effect on share price, especially if the market interprets the buyback as a sign of future growth or profitability.
• Potential for Share Price Appreciation: By reducing the total outstanding shares, each remaining share represents a larger ownership interest in News Corp. This can increase earnings per share (EPS) and, theoretically, the share price.
• Price Sensitivity: Large buyback programs can create upward pressure on the share price, particularly if the company is buying back shares in significant quantities daily, as disclosed in this report.
• Transparency and Regulatory Compliance: News Corp’s regular disclosure of buyback activity on both the U.S. and Australian exchanges ensures transparency for investors and meets regulatory requirements. This reduces the risk of surprises and rumors in the market.
• Forward-Looking Statements and Caution: The company notes that all forward-looking statements regarding its intent to repurchase shares are subject to risks and uncertainties, including market conditions, share price, and other factors that may affect the pace and extent of repurchases.

Additional Shareholder Considerations

• No security holder approval is required for these buybacks under existing rules.
• The purpose of the buyback is stated directly as “to enhance shareholder value.”
• Daily updates are provided to the ASX, and summary information is supplied to the U.S. SEC in quarterly and annual reports.
• The program will continue until the \$1 billion authorization is reached or until further notice from the company.

Conclusion

The continuation of News Corporation’s \$1 billion buyback program is highly relevant for shareholders. It is a clear indication of management’s confidence in the company’s long-term prospects and its commitment to returning value to shareholders. Investors should monitor the progress of the buyback, as significant daily purchases can affect share supply-demand dynamics and potentially support the share price in the near term.

Disclaimer: This summary is for informational purposes only and does not constitute investment advice. All forward-looking statements are subject to risks and uncertainties as disclosed by News Corporation in its filings with the SEC and ASX. Investors should consult with their financial advisors before making investment decisions.

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