Benzinga | Jun 17, 2021 04:06PM EDT

Fox Corporation Announces $2B Incremental Stock Repurchase Program

Fox Corporation (NASDAQ:FOXA, FOX))))) (the "Company" or "FOX") today announced that its Board of Directors (the "Board") has authorized incremental stock repurchases of up to an additional $2 billion of the Company's Class A common stock and Class B common stock. With this increase, the Company's total stock repurchase authorization is now $4 billion of which more than $1.56 billion has been completed to date. Subject to market conditions and other factors, the Company intends to repurchase, in the open market or otherwise, a combination of the Company's Class A common stock and Class B common stock. This stock repurchase program has no time limit and may be modified, suspended or discontinued at any time.

Executive Chairman and Chief Executive Officer Lachlan K. Murdoch commented: "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."

Fox Corporation separately announced that William A. Burck has been elected to the Company's Board of Directors. He will serve on the Nominating and Corporate Governance Committee of the Board.

Mr. Burck, 49, currently serves as Managing Partner of the Washington, D.C. office of the law firm Quinn Emanuel Urquhart & Sullivan, LLP, where he has been a partner since 2012. Mr. Burck served as Deputy Staff Secretary, Special Counsel and Deputy White House Counsel to President George W. Bush from 2005 to 2009. 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.

Mr. Murdoch commented: "Bill is a tremendous asset to our Board. 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."

Mr. Burck holds a Bachelor of Arts degree in Political Science and International Studies from Yale University and a Juris Doctor degree from Yale Law School.