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

Key Points:

• News Corporation (News Corp) has reaffirmed its ongoing stock repurchase program, authorizing the buyback of up to \$1 billion of its outstanding Class A and Class B common stock under the 2025 Repurchase Program.
• The buyback applies to both Class A (NWSAA) and Class B (NWSAB) shares, with the program detailed in disclosures made to the Australian Securities Exchange (ASX) and in SEC filings.
• As of the latest reporting date, 366,050,844 Class A shares and 141,420,202 Class B shares are outstanding.
• News Corp has engaged Goldman Sachs & Co. LLC as its broker to conduct the repurchases on the open market.
• The highest price paid for shares in recent buybacks was US\$31.40 per share.
• All repurchases are for cash consideration and are being made on-market, meaning they are executed through the open market rather than via tender offers or other mechanisms.
• The stated reason for the buyback is to enhance shareholder value.
• No shareholder approval is required for this buyback program under current arrangements.
• News Corp provides daily updates to the ASX on buyback activity, in accordance with ASX rules, and incorporates buyback disclosures in its quarterly and annual reports.

What Investors and Shareholders Need to Know

• This buyback program is a significant capital allocation event that may support the share price by reducing the number of shares outstanding, thereby potentially increasing earnings per share and return on equity.
• The substantial authorization (up to \$1 billion) and active engagement of a major broker (Goldman Sachs) signal that News Corp is committed to returning value to shareholders, which can often be interpreted as a sign of management’s confidence in the company’s prospects and undervaluation of the stock at current levels.
• The company has emphasized that its forward-looking statements, including intentions regarding the buyback, are subject to market conditions, applicable laws, and alternative investment opportunities. Actual repurchases may vary in timing and amount.
• There is no obligation for News Corp to update forward-looking statements if circumstances change, except as required by law or regulation.
• Shareholders should monitor ongoing ASX and SEC disclosures for daily updates on the volume and pricing of shares repurchased, as these activities may impact share liquidity and market price dynamics.

Additional Details

• The buyback does not require further security holder approval and is being conducted on-market.
• News Corp is required by ASX rules to provide transparency by reporting daily buyback activity.
• The company has stated that the buyback program’s execution will depend on share price, market conditions, compliance with relevant laws, and other investment opportunities.
• The program covers both U.S.-listed and Australian-listed shares, as reflected in the ASX Security Codes NWSAA (Class A) and NWSAB (Class B).
• Risks to the buyback include share price volatility, regulatory changes, and shifts in capital management priorities.

Potential Share Price Impact: The commitment to a large-scale, ongoing buyback program is typically viewed as a positive for existing shareholders and may help support or increase share prices. However, investors should be aware of the inherent uncertainties and factors that could affect the timing and quantum of buybacks.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors should conduct their own research or consult with a qualified financial advisor before making investment decisions. News Corp’s forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied. The company is not obligated to update forward-looking statements except as required by law.

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