News Corp Approves $1B Share Buyback, Terminates Stockholder Rights Program

September 22, 2021 10:47 AM | 1 min read | Make a Comment

Media conglomerate News Corp's NWSA NWS board approved a $1 billion share buyback program replacing the 2013 approved $500 million share repurchase program.
Concurrently, News Corp terminated the 2013 stockholder rights agreement, which limited the potential accretion of voting power by the Murdoch Family Trust and Murdoch family members.
The board approved the inclusion of Class B common stock in the repurchase program, termination of the rights agreement, and stockholders agreement.
News Corp held $2.2 billion in cash and equivalents as of June 30. It generated $1.2 billion in operating cash flow during FY21.
Price Action: NWS shares traded higher by 3.43 at $22.43 on the last check Wednesday.

Posted In: News Buybacks Tech Briefs

Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.