News Corporation Advances $1 Billion Share Buyback Plan Authorized Through 2025

News Corporation’s Capital Allocation Strategy and Buyback Purpose

Operating globally across news publishing, book publishing, digital real estate services, and entertainment, News Corporation has launched this $1 billion buyback initiative to enhance shareholder returns. The company’s diversified segments include News and Information Services, Book Publishing, Real Estate Services, and Entertainment. This buyback strategy reflects a deliberate capital deployment to return value to shareholders while maintaining flexibility for reinvestment and strategic opportunities. Management’s authorization of the repurchase program signals confidence in the company’s financial health and long-term prospects across its varied business lines.

While the announcement does not disclose specific financial metrics such as cash reserves, balance sheet strength, or earnings guidance, the $1 billion authorization underscores a balance between growth investments and shareholder returns. The structured buyback allows opportunistic share purchases based on market conditions and share price fluctuations, enabling the company to adjust repurchase volume and timing throughout the authorization period.

Execution Details via Goldman Sachs Broker Agreement

Goldman Sachs & Co. LLC has been appointed to execute the repurchases on News Corporation’s behalf in open market transactions. Selecting a leading global investment bank and brokerage firm highlights the complexity and scale of efficiently managing a billion-dollar buyback while complying with regulatory requirements across jurisdictions. This broker arrangement ensures professional execution and adherence to securities laws, including Nasdaq listing rules and ASX disclosure obligations, given News Corporation’s dual listing. The broker executes purchases opportunistically within pre-agreed parameters aligned with market conditions.

Pricing data reveals repurchases occurred at various price points, reflecting the opportunistic nature of the program. On July 27, 2026, the company paid $31.08 per share for 28,800 shares. The highest price paid was $32.89 on July 17, 2026, and the lowest was $25.49 on July 13, 2026. This range demonstrates the company’s approach to minimizing timing risks and execution volatility through a structured buyback.

Update on Share Repurchase Activity and Aggregate Progress

According to the July 28, 2026 daily notification, News Corporation has repurchased a total of 4,679,527 Class A and Class B common shares under the $1 billion authorization. The aggregate amount spent is approximately $134,835,022.48, representing about 13.5% of the authorized capacity. On July 27, 2026, an additional 28,800 shares were bought for $888,125.76, indicating steady progress in executing the program. Significant remaining capacity remains for future repurchases, contingent on market conditions and management’s capital allocation priorities.

Before the buyback activity, 142,563,006 Class B common shares were outstanding. The repurchase of roughly 4.7 million shares equates to about a 3.3% reduction in Class B shares outstanding, potentially enhancing earnings per share over time if earnings remain stable. The company has not detailed the split between Class A and Class B shares repurchased, the program’s start date, or the expected timeline for completion. News Corporation retains discretion to accelerate or slow repurchases based on business performance and market dynamics.

Regulatory Compliance Governing the Repurchase Program

The buyback operates within a regulatory framework encompassing ASX listing rules, Nasdaq requirements, and applicable securities laws in jurisdictions where News Corporation operates. The program does not require shareholder approval, indicating prior board authorization. Classified as an "other buy-back" under ASX rules, the program targets Nasdaq-listed securities exclusively, excluding ASX-listed CHESS Depositary Interests (CDIs). This separation simplifies inventory management across listings.

The update confirms no restrictions on foreign participation and no additional conditions before the program becomes fully operational. Daily buy-back notifications are lodged at least 30 minutes before trading begins on the business day following repurchase activity, ensuring transparent market disclosure. This regulatory framework balances operational flexibility with investor protection through consistent reporting.

Strategic Positioning Within the Global Media Industry

News Corporation’s diversified portfolio spans news publishing, book publishing, digital real estate services, and entertainment amid an industry undergoing digital disruption and consolidation. This diversification mitigates risks tied to any single segment and offers opportunities to capitalize on digital transformation and evolving consumer trends. The company’s news division operates major global publications, the book division manages physical and digital sales, the real estate segment provides digital property services, and the entertainment division handles production and distribution.

The buyback reflects a capital allocation choice favoring shareholder returns over acquisitions or new ventures, indicating management’s belief that repurchasing shares at current valuations is a value-accretive use of capital. The program provides financial flexibility and signals confidence while preserving capacity to pursue strategic initiatives in a transforming media landscape.

Share Price Trends and Buyback Valuation Insights

Share prices during the buyback ranged from $25.49 to $32.89, reflecting market sentiment and valuation perspectives. The average repurchase price to date is approximately $28.80 per share, based on total consideration and shares acquired. The variation in execution prices indicates efforts to optimize costs and seize favorable market opportunities.

The immediate impact of buyback activity on share price is unclear from public disclosures. Typically, such programs exert modest short-term price effects but can influence per-share metrics and capital structure over time. The company has not disclosed the percentage of capacity used, program duration, or plans to adjust repurchase pace. Investors should monitor ongoing disclosures to evaluate the program’s financial and structural effects.

Enhancing Shareholder Value and Capital Structure Implications

News Corporation’s stated goal is to enhance shareholder value by repurchasing shares below intrinsic value, which can improve earnings per share and potentially lower the weighted average cost of capital if debt remains stable. The program signals management’s confidence in valuation and future prospects. Shareholders maintaining positions benefit from increased ownership percentages without additional investment.

The buyback may affect capital structure by increasing leverage ratios or limiting cash availability for acquisitions or dividends if conditions change. The company has not disclosed impacts on debt metrics or financial ratios. Investors should consider the buyback alongside overall financial health, cash flow, dividend policy, and strategic capital needs across the company’s business segments.

Tracking Future Milestones and Program Completion

Key milestones include subsequent daily buy-back notifications as repurchases continue. The original authorization referenced a buy-back date of September 22, 2021, which appears inconsistent with the July 28, 2026 notification, suggesting an extended or updated timeline. No specific completion date has been disclosed, allowing flexibility to execute opportunistically over time.

Investors should watch financial disclosures and buy-back updates to assess program continuation or changes. A final buy-back notification would signal program completion. With approximately $135 million spent, about $865 million remains available for repurchases, supporting substantial future activity depending on market and management decisions.