Broadcasting giant, Fox Corporation (FOX) announced an additional buyback of $3 billion taking its total authorization up to $7 billion. The company will immediately deploy $1 billion of this expanded authorization towards an accelerated share repurchase transaction, while concurrently continuing with its normal buyback program with a repurchase of $450 million across the remainder of the fiscal year. This additional repurchase authorization represents around 16.4% of its market cap at announcement. In June 2021, the company announced an additional share repurchase of $2 billion as well, which represented around 9% of its market cap at announcement. At its current price of $33.13, the company has a market cap of $18.48 billion and an enterprise value of almost $23 billion.
As we are in the peak of earnings season, buyback activity continued in full swing with a total of 23 companies announcing buybacks last week compared to 17 companies in the prior week.