- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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