The parent company of FOX News Media, FOX Sports, FOX Entertainment and FOX Television Stations is moving forward with an authorization of incremental stock repurchases.
This could see FOX Corporation snap up hundreds of millions of its own Class A and Class B shares.
FOX’s board of directors late Thursday (6/17) announced its authorization of stock purchases that could come from time, and in varying chunks.
These repurchase of Class A and/or Class B common stock could total $2 billion in value.
With this increase, Fox Corporation’s total stock repurchase authorization is now $4 billion, of which more than $1.56 billion has been completed to date.
“This stock repurchase program has no time limit and may be modified, suspended or discontinued at any time,” the company says.
Commenting on the board’s decision, Fox Corporation Executive Chairman and CEO Lachlan K. Murdoch said, “We remain 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 our unwavering confidence 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.”
NOTED D.C. ATTORNEY JOINS FOX BOARD
In separate moves, Fox Corporation has a new member of its Board of Directors, and he will serve on the Nominating and Corporate Governance Committee of the Board.
Taking the seat is William A. Burck, the Managing Partner of the Washington, D.C. office of Quinn Emanuel Urquhart & Sullivan LLP, where he has been a partner since 2012.
Burck is a Washington insider from 2005-2009 served as Deputy Staff Secretary, Special Counsel and Deputy White House Counsel to President George W. Bush.
Earlier, he served in the Criminal Division of the U.S. Department of Justice and as an Assistant United States Attorney in the Southern District of New York.
“Bill is a tremendous asset to our board,” Murdock said. “His decades of experience advising clients on complex business matters and innovative growth strategies will benefit the entire Company as we advance FOX’s business objectives and serve our viewers, employees and stockholders.”
FOXA, Fox Corporation’s Class A shares, were trading at $37.64, up 1.3%, as of 10:15am on June 18.
