News Corporation Announces Progress on \$1 Billion Share Buyback Program

Key Points:

• News Corporation (“the Company”) continues to execute its \$1 billion stock repurchase program targeting both Class A and Class B common shares.
• The company provides regular daily disclosures to the Australian Securities Exchange (ASX) regarding the buyback, as required by ASX regulations.
• Maximum aggregate repurchase authorization remains at \$1 billion for both Class A and Class B common stock.
• The program is intended to enhance shareholder value.
• Goldman Sachs & Co. LLC is the designated broker for the buybacks on behalf of News Corporation.
• Recent disclosures show significant repurchase activity, with details on remaining authorized amounts and prices paid.

Detailed Report

News Corporation has reaffirmed its ongoing commitment to returning value to shareholders through its stock repurchase program, with an authorization to buy back up to \$1 billion in Class A and Class B common shares. This program, referred to as the “Repurchase Program,” aims to enhance shareholder value through strategic repurchases of outstanding shares on the open market and is considered a significant capital allocation initiative.

The Repurchase Program is structured to allow the company to buy back shares from time to time, depending on market conditions, share price, applicable securities laws, and alternative investment opportunities. According to the latest disclosures, News Corporation’s buyback activities are reported daily to the ASX, ensuring transparency and regulatory compliance. The company also includes updates on repurchase activity in its quarterly and annual reports.

Recent Buyback Activity and Financial Details

• Class A Common Stock (ASX Code: NWSAA):
  • Total number of Class A shares outstanding: 366,937,658
  • Maximum number of shares authorized for repurchase: Up to \$1 billion aggregate for both Class A and Class B
  • The buybacks are executed for cash consideration, and the price is determined based on market conditions at the time of repurchase.
  • Reason for buyback: To enhance shareholder value.
  • Shareholder approval is NOT required for this program.
• Class B Common Stock (ASX Code: NWSAB):
  • Total number of Class B shares outstanding: 141,863,388
  • Buyback details mirror that of Class A shares, with purchases executed on-market via Goldman Sachs & Co. LLC as broker.
  • Cash consideration is paid for all repurchases.
  • Reason for buyback: To enhance shareholder value.
  • No shareholder approval required.

On the most recent buyback day, March 19, 2026, the company reported the following:

• Total consideration paid:
  • Class A: US\$44,267,433.03
  • Class B: US\$1,258,350.08
• Highest price paid for repurchased shares: US\$31.40 per share (Class A)

The company notes that the actual number of shares repurchased and the price paid may fluctuate based on market conditions. The buyback is not a one-time event but a continuing program, allowing the company to adjust its pace and timing as it sees fit.

Forward-Looking Statements

News Corporation cautions investors that statements regarding the intent to conduct repurchases are “forward-looking statements” and subject to risks and uncertainties, including changes in share price, market conditions, regulatory constraints, and other factors. The company does not undertake any obligation to update these statements, except as required by law.

Potential Share Price Impact

Why this matters for investors:

• Buybacks often provide price support in the open market by reducing the number of shares outstanding, thereby potentially increasing earnings per share and signaling management’s confidence in the company’s value.
• The use of a reputable broker (Goldman Sachs & Co. LLC) and the substantial amounts involved reinforce that this is a serious and potentially market-moving program.
• Investors should monitor further disclosures for changes in buyback pace or total amounts, as these can directly influence supply/demand dynamics for News Corporation shares.

Disclaimer: This article is for informational purposes only and does not constitute financial advice or an offer to buy or sell any securities. Investors should consult their financial advisors and review official filings with the Securities and Exchange Commission (SEC) and the Australian Securities Exchange (ASX) for the most accurate and up-to-date information.

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