News Corp to Buy Out Foxtel Stake for $2.1B AUD

TL;DR

News Corp is buying out Telstra's 50% stake in Foxtel for $2.1B AUD, taking full control.

AI Summary

News Corp announced on December 10, 2024, that it has entered into a definitive agreement to acquire the remaining 50% stake in Foxtel Group from Telstra for approximately $2.1 billion AUD. This transaction will make Foxtel Group a wholly-owned subsidiary of News Corp, consolidating its ownership and control over the Australian media and entertainment company.

Why It Matters

This acquisition signifies News Corp's commitment to expanding its media footprint in Australia and will likely lead to further integration and strategic decisions regarding Foxtel's operations and content.

Risk Assessment

Risk Level: medium — The acquisition involves a significant financial commitment and integration risks, but also offers strategic benefits for News Corp's Australian operations.

Key Numbers

• $2.1B AUD — Foxtel Acquisition Price (Total consideration for the remaining 50% stake in Foxtel Group.)

Key Players & Entities

• News Corp (company) — Registrant
• Foxtel Group (company) — Acquisition Target
• Telstra (company) — Seller of Foxtel Stake
• $2.1 billion AUD (dollar_amount) — Purchase Price
• December 10, 2024 (date) — Date of Report

FAQ

Key Financial Figures

• $0.01 — stered Class A Common Stock, par value $0.01 per share NWSA The Nasdaq Global Select
• $1 billion — ized to acquire from time to time up to $1 billion in the aggregate of the Company's outst

Filing Documents

• nws-20241210.htm (8-K) — 35KB
• appendix3cclassa12102024.htm (EX-99.1) — 68KB
• appendix3cclassb12102024.htm (EX-99.2) — 69KB
• nws-20241210_g1.jpg (GRAPHIC) — 26KB
• 0001564708-24-000652.txt ( ) — 399KB
• nws-20241210.xsd (EX-101.SCH) — 2KB
• nws-20241210_def.xml (EX-101.DEF) — 15KB
• nws-20241210_lab.xml (EX-101.LAB) — 26KB
• nws-20241210_pre.xml (EX-101.PRE) — 16KB
• nws-20241210_htm.xml (XML) — 4KB

01 Other Events

Item 8.01 Other Events. As previously reported, under News Corporation's (the "Company's") stock repurchase program (the "Repurchase Program"), the Company is authorized to acquire from time to time up to $1 billion in the aggregate of the Company's outstanding shares of Class A common stock and Class B common stock. Under the rules of the Australian Securities Exchange (the "ASX"), the Company is required to provide to the ASX, on a daily basis, disclosure of transactions pursuant to the Repurchase Program, if any. The Company also discloses information concerning the Repurchase Program in the Company's quarterly and annual reports. Attached as Exhibit 99.1 and Exhibit 99.2 are copies of the information provided to the ASX on the respective dates noted therein. Such information contains " forward-looking statements " within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the Company's intent to repurchase, from time to time, the Company's Class A common stock and Class B common stock. These statements are based on management's current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by such statements due to, among other factors, changes in the market price of the Company's stock, general market conditions, applicable securities laws and alternative investment opportunities, as well as the risks, uncertainties and other factors described in the Company's filings with the Securities and Exchange Commission. The " forward-looking statements " included in such information are made only as of the date of this report. We do not have and do not undertake any obligation to publicly update any " forward-looking statements " to reflect subsequent events or circumstances, and we expressly disclaim any such obligation, except as required by law or regulation.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Information provided to the Australian Securities Exchange on the date noted on Exhibit 99.1. 99.2 Information provided to the Australian Securities Exchange on the date noted on Exhibit 99.2. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NEWS CORPORATION (REGISTRANT) By: /s/ Michael L. Bunder Michael L. Bunder Senior Vice President, Deputy General Counsel and Corporate Secretary Dated: December 11, 2024

View Full Filing

View this 8-K filing on SEC EDGAR