Business Context and Reporting Period
Company: News Corporation (NEWS CORP)
Filing Type: Form 8-K (Current Report)
Date of Report: September 11, 2023
Reporting Period: This filing reports on specific events occurring on or before September 11, 2023, regarding the Company's stock repurchase activities.
Key Financial Metrics
This filing does not contain comprehensive financial statements, revenue, profit, cash flow, or margin data. The only financial metric disclosed is related to capital allocation:
- Stock Repurchase Authorization: The Company is authorized to acquire up to $1 billion in aggregate of its outstanding Class A and Class B common stock.
Material Changes
The filing discloses ongoing transactions under the Company's stock repurchase program. It references daily disclosures made to the Australian Securities Exchange (ASX) regarding these transactions, copies of which are attached as Exhibits 99.1 and 99.2. No other material changes to operations or financial condition are detailed in this specific report.
Guidance, Outlook, and Risks
Management Commentary: The Company intends to repurchase shares from time to time under the existing program.
Forward-Looking Statements: The filing includes forward-looking statements regarding the intent to repurchase stock. These are based on current expectations and are subject to uncertainty.
Risks and Contingencies: Actual results may vary materially due to changes in market price, general market conditions, applicable securities laws, and alternative investment opportunities. The Company disclaims any obligation to update these forward-looking statements.
Investor Verification Checklist
- Review Exhibits 99.1 and 99.2 for specific details on the volume and price of shares repurchased on the dates noted therein.
- Verify the remaining balance of the $1 billion repurchase authorization in the Company's most recent quarterly or annual report.
- Monitor subsequent filings for updates on the execution of the repurchase program, as this 8-K does not provide a cumulative total for the period.