Fox Authorizes $2 Bln Share Buyback Plan

(RTTNews) - Fox Corp. (FOXA, FOX) Wednesdasy announced that its Board of Directors has authorized a $2 billion stock repurchase program.

The company plans to repurchase, in the open market or otherwise, a combination of Class A common stock and Class B common stock.

The company also announced that it has entered into an accelerated stock repurchase transaction to repurchase, in the aggregate, $350 million of its Class A common stock pursuant to the stock repurchase program. The company also intends to promptly buyback about $150 million of Class B common stock. As

CEO Lachlan Murdoch said, "We are committed to deploying capital to maximize long-term stockholder value through a balanced approach of appropriate organic investment, accretive M&A, and returns of capital to our stockholders. This stock buyback program reflects the confidence we have in the long-term investment case for the Company, which is underpinned by the strength of our core brands and the sustainability of our business, and which we believe is well positioned to continue to generate healthy free cash flow."