News Corporation Executes $1 Billion Nasdaq Share Buyback Program with Significant Class B Stock Purchases

News Corporation’s Diverse Global Media Portfolio Shapes Capital Allocation

News Corporation operates as a diversified media and publishing powerhouse with significant holdings in news, entertainment, digital real estate, book publishing, and financial information services. It owns major publications such as The Wall Street Journal, The Times of London, and The Sunday Times, spanning multiple continents. Additionally, the company holds substantial interests in digital real estate platforms and maintains entertainment sector operations via media production and distribution. This broad portfolio establishes News Corporation as one of the largest global media conglomerates, generating revenues from print, digital, broadcasting, and information services across North America, Europe, Asia-Pacific, and Australia.

The share repurchase program underscores management’s confidence in News Corporation’s intrinsic stock value and reflects a strategic commitment to returning capital to shareholders. By reducing outstanding shares, the company aims to enhance earnings per share and signal belief in the stock’s attractive valuation. Compared to dividends, buybacks offer flexibility, allowing News Corporation to capitalise on favourable market conditions and price fluctuations during execution.

Authorisation and Scope of the 2025 Share Buyback Program

On 15 July 2025, News Corporation’s board authorised a $1 billion repurchase program encompassing both Class A and Class B common stock, consistent with its dual-class Nasdaq listing. As of the notification date, 142,705,333 Class B shares were outstanding, providing perspective on the buyback’s scale relative to market capitalisation and equity. The company plans to execute repurchases intermittently in the open market or by other means, contingent on market dynamics, stock prices, and operational considerations.

The dollar-denominated structure grants management discretion over timing and volume, enabling responsive capital deployment aligned with economic and market conditions. This approach balances shareholder returns with financial flexibility for acquisitions, debt reduction, or strategic initiatives. Goldman Sachs & Co. LLC’s appointment as executing broker leverages its extensive trading expertise and infrastructure.

Details of Daily Repurchase Activity and Pricing on 22 July 2026

According to the daily notification filed on 23 July 2026, News Corporation repurchased 4.617 million Class B shares through two transactions. Prior to 22 July 2026, 4.589 million shares were acquired for a total of $132,105,616.10, averaging approximately $28.79 per share. On 22 July 2026, an additional 28,800 shares were bought for $894,631.68, averaging about $31.07 per share. These purchases illustrate active program execution across multiple trading days, capturing diverse market prices to optimise capital deployment.

Repurchase prices ranged from $25.49 to $32.89 per share, with the peak price paid on 17 July 2026. This 29% price variation reflects typical market volatility and highlights the timing risks inherent in buyback programs. By spreading purchases over several dates and price points, News Corporation mitigates concentration risk and smooths average acquisition costs. The company has not disclosed remaining authorised funds post-22 July 2026, though approximately $133 million had been spent, indicating significant capacity remains.

Regulatory Compliance and ASX Disclosure Obligations for the Buyback

News Corporation’s repurchase program is classified as an "other buy-back" under ASX Listing Rules, reflecting its Nasdaq listing and dual-class share structure distinct from standard ASX securities. The company complies with Listing Rule 3.8A by submitting daily buy-back notifications to the ASX at least 30 minutes before trading begins on business days following repurchases. This transparency ensures investors receive timely updates on capital allocation and share count impacts. Despite primary Nasdaq trading, News Corporation maintains ASX disclosure adherence.

The company confirmed that no ASX-listed CHESS Depositary Interests (CDIs) will be repurchased, restricting buybacks to Nasdaq-listed Class A and Class B shares. This distinction is crucial for Australian investors holding CDIs, as their holdings remain unaffected directly by the program. The repurchase plan required no shareholder vote, indicating board-authorised discretion. Absence of foreign participation limits facilitates unrestricted Nasdaq market execution via Goldman Sachs.

Capital Deployment Strategy and Shareholder Value Enhancement

News Corporation’s repurchase rationale centers on enhancing shareholder value by reducing outstanding shares, thereby increasing earnings per share without diminishing total earnings. This strategy suits mature companies with stable cash flows, like News Corporation, which generates substantial free cash from its established media and digital assets. The $1 billion buyback capacity reflects confidence in the company’s resilient business model and cash generation.

Authorisation in July 2025 and ongoing execution through 2026 indicate management’s conviction that shares trade below intrinsic value or that buybacks represent optimal capital use compared to alternatives. For investors, buybacks offer tax-efficient capital returns relative to dividends, allowing choice in participation. The program complements dividend policies and supports flexible capital returns alongside reinvestment in growth areas.

Market Price Trends and Volatility During the Buyback Period

The $25.49 to $32.89 per share price range during mid-2026 reflects News Corporation’s share price fluctuations amid media industry trends, company-specific news, and macroeconomic factors. The 29% price spread illustrates volatility challenges and opportunities in optimising buyback execution. The dollar-denominated program structure permits pausing or adjusting purchases if prices rise excessively, preserving capital for other uses.

The highest price of $32.89 on 17 July 2026 marks the upper limit management deemed acceptable for repurchases during the period, suggesting caution beyond this level. Conversely, the $25.49 low indicates attractive entry points where capital was deployed aggressively. This disciplined, multi-price execution reduces risks of overpaying and exemplifies prudent buyback management.

Broker Partnership and Execution Capabilities

Goldman Sachs & Co. LLC’s role as broker reflects best practices for large-scale, multi-tranche equity buybacks. As a leading global investment bank and brokerage, Goldman Sachs provides extensive trading expertise, market infrastructure, and algorithmic execution capabilities across major exchanges including Nasdaq. Their responsibilities include market condition assessment, optimal trade execution, regulatory compliance, and settlement management.

Delegating execution to Goldman Sachs ensures independence from internal trading decisions, mitigates conflicts of interest, and enforces compliance with insider trading and market manipulation regulations. The ongoing partnership indicates trust in Goldman Sachs’ ability to administer the program professionally and in accordance with securities laws, including blackout periods.

Impact on Australian Investors and CHESS Depositary Interest Holders

Australian investors holding News Corporation shares via ASX-listed CHESS Depositary Interests (CDIs) experience limited direct effects from the Nasdaq-based buyback program. The company explicitly excludes ASX-listed CDIs from repurchases, preventing tendering of CDIs and no direct reduction in CDI share count. However, repurchases reduce underlying Nasdaq-listed shares, potentially increasing earnings per share and benefiting CDI holders indirectly, assuming stable or growing profitability.

Australian investors should consider currency conversion between AUD and USD, trading hour differences, and liquidity disparities between CDI and Nasdaq markets when evaluating impacts. The ongoing buyback signals management’s confidence in News Corporation’s fundamentals and may reassure CDI holders regarding long-term investment prospects in this diversified global media entity.

Program Flexibility and Future Execution Outlook

The repurchase program lacks fixed completion deadlines or mandatory volume targets, offering significant flexibility to adapt based on market and company conditions. News Corporation plans to repurchase shares "from time to time" via open market or other methods, influenced by stock price, liquidity, and strategic priorities. This adaptability benefits the company amid market volatility or competing capital demands such as acquisitions or debt repayment.

No target completion date has been disclosed, allowing execution over multiple years if needed. Investors should monitor daily buy-back notifications for updates on cumulative repurchases, average prices, and remaining authorised amounts. As of 22 July 2026, approximately $133 million had been utilised from the $1 billion authorisation, indicating substantial capacity remains. Future changes in repurchase activity may reveal management’s evolving valuation views or capital allocation strategies within the media and entertainment conglomerate.