News Corporation Announces Ongoing Stock Buyback Program of Up to \$1 Billion

Key Points for Investors:

• News Corporation (“News Corp”) has an authorized stock repurchase program of up to \$1 billion, covering both Class A and Class B common shares.
• The program, known as the “2025 Repurchase Program,” was authorized as of July 15, 2025, and allows the company to buy back shares from time to time, subject to market conditions and other factors.
• The buyback is being conducted in the open market or otherwise and is not limited to any specific minimum or maximum number of shares per day, but the cumulative repurchases are capped at \$1 billion.
• News Corp has been providing daily disclosures to the Australian Securities Exchange (ASX), as required by ASX rules, as well as including program updates in its quarterly and annual filings.
• The company has stated that the purpose of the buyback is “to enhance shareholder value.”
• The buyback includes only Nasdaq-listed shares (Class A: NWSA, Class B: NWS). No ASX-listed CHESS Depositary Interests (CDIs) are included in the buyback.
• The buyback is executed for cash consideration, with purchase prices determined by prevailing market rates.
• As of the most recent notification, the total outstanding shares for Class A are 367,377,731 and for Class B are 142,083,315.

Details That May Affect Shareholder Value

• Potential Price Impact: The authorization to repurchase up to \$1 billion in shares is a significant capital allocation decision that can affect the company’s share price by reducing the number of shares outstanding, thereby potentially increasing earnings per share and supporting the stock price.
• Management’s Forward-Looking Statements: News Corp has cautioned that these plans are subject to market conditions, the price of the company’s stock, general market dynamics, applicable securities laws, and alternative investment opportunities. As such, actual buyback activity may vary.
• No Shareholder Approval Required: The company has stated that shareholder approval is not required for this buyback program, nor are there any outstanding conditions that need to be fulfilled before the buyback becomes unconditional.
• Risk Factors: The company also notes that forward-looking statements regarding the buyback are based on current management expectations and are subject to risks and uncertainties, including those detailed in News Corp’s SEC filings.

Summary of Recent Buyback Activity

• On March 9, 2026, News Corp reported the purchase of shares under the repurchase program. For the Class A shares, the highest price paid recently was US\$27.21, and the lowest price paid during the period was US\$26.94.
• The company disclosed to the ASX the cumulative number of shares repurchased, the total cash consideration paid (for example, US\$2,107,310.46 for a recent day), and the remaining authorization under the program.
• All buybacks have been for cash consideration, with prices reflecting market conditions on the Nasdaq exchange.

What Investors Should Watch For

• Share Price Support: Significant buyback programs can provide price support for shares and signal management’s confidence in the company’s long-term value.
• Potential for Increased EPS: Reducing the number of outstanding shares can increase earnings per share, which may positively influence valuation multiples and attract investor interest.
• Market Sensitivity: As the company’s repurchase activity is subject to market conditions and alternative investment opportunities, investors should monitor ongoing disclosures for any changes in repurchase pace or program amendments.
• Forward-Looking Risks: The company’s ability to execute the repurchase program as planned may be affected by volatility in market price, regulatory changes, or shifts in capital allocation priorities.

Conclusion

The ongoing \$1 billion buyback program by News Corp is a potentially price-sensitive event. Such a large-scale repurchase initiative is typically viewed positively by the market, as it can support the share price, improve per-share metrics, and signal management’s belief that the shares are undervalued. Investors should remain attentive to further updates from the company, including the pace of repurchases and any shifts in capital allocation strategy, as these could materially impact share value.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult with a qualified professional before making investment decisions. News Corp’s buyback program is subject to risks and uncertainties as disclosed in its regulatory filings.

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