News Corporation Reports Daily Share Repurchase Under US$1 Billion 2025 Buyback Plan

Overview of News Corporation's 2025 Share Repurchase Program Authorizing US$1 Billion

On 15 July 2025, News Corporation’s board approved the 2025 Repurchase Program, enabling the company to repurchase up to US$1 billion in aggregate of its Nasdaq-listed Class A and Class B common stock. The program does not specify a minimum number of shares to be repurchased. The company has indicated that repurchases will be made intermittently in the open market or by other means, depending on market conditions, the market price of the stock, and other relevant factors.

Classified as an "Other buy-back" under ASX Listing Rules—which typically applies to companies incorporated outside Australia—News Corporation, incorporated in the U.S. and dual-listed on Nasdaq and the ASX via CHESS Depositary Interests (CDIs), files daily buy-back notifications with the ASX to ensure transparency for Australian investors. The company confirmed that no ASX-listed CDIs are being repurchased under this program, restricting activity solely to Nasdaq-listed securities.

Repurchase of 76,679 Class A Shares on 1 July 2026 for Nearly US$2 Million

The filing submitted on 2 July 2026 reveals that News Corporation repurchased 76,679 shares of Class A common stock on 1 July 2026 for a total consideration of US$1,985,725.39. The exact per-share price was not disclosed, as the per-share price disclosure applies only to on-market buy-backs, not to "Other buy-back" classifications. The total consideration implies an approximate average price in the mid-US$20 range, consistent with recent price disclosures, though this is an estimate rather than a confirmed figure.

These Class A common stock shares are listed on the ASX under the code NWSAA with the security description "Common Stock Class A." There are 361,464,129 Class A shares outstanding, as noted in the filing. The 76,679 shares repurchased on 1 July 2026 represent a very small portion of the total shares outstanding, indicating the program’s incremental nature rather than large block purchases.

Cumulative Repurchases Reach Over 8.8 Million Shares with US$220 Million Spent

Before 1 July 2026, News Corporation had repurchased 8,760,731 shares under the 2025 Repurchase Program at a cumulative cost of approximately US$220,004,646.05. Including the 1 July 2026 buyback, total shares repurchased now stand at about 8,837,410, with aggregate consideration of approximately US$221,990,371.44. This represents roughly 22% of the US$1 billion program limit, leaving significant capacity for further repurchases.

The buyback pace offers insight into management’s capital allocation strategy. Having expended around US$220 million so far, the company retains over US$778 million in authorized repurchase capacity, assuming no changes to the program ceiling. No timeline or guidance has been provided regarding the program’s completion or the expected pace of future repurchases, which will depend on market conditions and other considerations.

Price Range During the Program: From US$22.20 to US$27.60

The daily buy-back notice includes historical price range details for the program. The highest price paid before 1 July 2026 was US$27.60 on 10 June 2026. The lowest price paid was US$22.20, though the filing does not specify the exact date. These figures offer investors a benchmark for the prices at which News Corporation has repurchased shares.

This price range reflects fluctuations in News Corporation’s Nasdaq-listed share price throughout the repurchase period. The company has not set specific price targets or thresholds for initiating or halting buybacks, indicating only that repurchases will be conducted subject to market conditions and stock price. The immediate impact on share price from the latest buyback was not evident from public information.

No Shareholder Approval or Foreign Participation Restrictions Required

The filing confirms that the 2025 Repurchase Program does not require shareholder approval, consistent with U.S. securities laws governing buybacks by U.S.-incorporated companies. There are no restrictions on foreign participation or additional conditions before the buyback offer becomes unconditional.

This structure grants management significant flexibility to execute repurchases without convening shareholder meetings or obtaining approvals. For ASX-listed investors holding News Corporation CDIs, capital allocation decisions related to this buyback program are effectively governed by the company’s U.S.-based board and management, with Australian disclosure obligations fulfilled through regular Appendix 3C daily buy-back filings with the ASX.

Purpose of the Buyback: Enhancing Shareholder Value

The company stated in the filing that the buyback aims "to enhance shareholder value." Share repurchase programs are commonly used by large companies as a capital management tool to return excess cash to shareholders by reducing shares outstanding, potentially increasing earnings per share and supporting share price over time. For News Corporation—a global media and information services leader—a US$1 billion buyback program represents a significant capital commitment.

News Corporation’s diverse operations include news publishing, digital real estate services, book publishing, and subscription video services across multiple regions. Opting to allocate up to US$1 billion to repurchases rather than acquisitions or dividend increases suggests the board views share repurchases at current prices as an attractive capital use. No additional strategic rationale was provided beyond the standard statement that the program is designed to enhance shareholder value.

ASX Reporting Requirements for Nasdaq-Based Repurchase Activity

As a dual-listed entity with CDIs trading on the ASX under codes NWS and NWSAA, News Corporation must keep ASX investors informed of buyback activity even when it occurs exclusively on U.S. markets. The Appendix 3C daily buy-back notification system ensures ASX participants receive timely disclosure of volume and consideration for each day’s repurchases, typically filed before trading begins on the business day following the buyback.

This filing, dated 2 July 2026, reports activity from 1 July 2026, in line with required reporting timelines. The use of the "Other buy-back" classification rather than "On-market buy-back" aligns with the program’s operation under U.S. securities laws and involvement of Nasdaq-listed securities rather than ASX-listed CDIs. Australian investors should note that while informative, these disclosures do not directly affect the CDI register or the number of CDIs available on the ASX.

Remaining Capacity and Upcoming Milestones for the 2025 Repurchase Program

With approximately US$221.99 million spent out of the US$1 billion ceiling, the 2025 Repurchase Program retains substantial capacity. Investors should watch upcoming daily buyback reports via Appendix 3C filings, any significant changes in repurchase volume, and potential board decisions to amend or terminate the program. No scheduled end date has been disclosed.

Future financial results or investor communications may provide further insight into how the buyback fits within News Corporation’s overall capital allocation strategy. Authorized less than a year ago, with over three-quarters of the program’s capacity unused, it is expected that daily buy-back notifications will continue regularly as repurchases proceed. The company has not revealed a target completion date or the anticipated total number of shares to be repurchased under this program.