Benzinga | Sep 22, 2021 10:48AM EDT

News Corp Approves $1B Share Buyback, Terminates Stockholder Rights Program

* Media conglomerate News Corp's (NASDAQ:NWSA) (NASDAQ: NWS) board approved a $1 billion share buyback program replacing the 2013 approved $500 million share repurchase program.

* Concurrently, News Corp terminated the 2013 stockholder rights agreement, which limited the potential accretion of voting power by the Murdoch Family Trust and Murdoch family members.

* The board approved the inclusion of Class B common stock in the repurchase program, termination of the rights agreement, and stockholders agreement.

* News Corp held $2.2 billion in cash and equivalents as of June 30. It generated $1.2 billion in operating cash flow during FY21.

* Price Action: NWS shares traded higher by 3.43 at $22.43 on the last check Wednesday.