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News Corp Updates On Separation Of Businesses; Authorizes $500 Million Stock Repurchase Program


Friday, 24 May 2013 08:31am EDT 

News Corp announced the separation of News Corporation into two distinct publicly traded companies, 21st Century Fox and the new News Corporation, has been formally approved by the Company's Board of Directors. The Company announced appointments to the Boards of Directors of both companies, effective upon the completion of the separation, which is expected to occur on June 28, 2013. In connection with the separation, the Company's Board has approved the distribution of all shares of the new News Corporation to the Company's stockholders in a ratio of one share of the new News Corporation for every four shares of News Corporation. Furthermore, the Board authorized a $500 million stock repurchase program for the new News Corporation following completion of the separation. The Company also announced that Board of Directors has authorized a stock repurchase program for the new News Corporation in the amount of $500 million of new News Corporation's shares of Class A Common Stock, to be initiated on an opportunistic basis following the completion of the separation. Timing for purchases under the program will be dependent on the new News Corporation's available liquidity and cash flow as well as consideration of general market conditions. The repurchase program may be executed through various methods, including open market repurchases. 

Company Quote

15.02
0.2 +1.33%
18 Dec 2014