- Subscribe
- Premium
- C-Suite
- Insiders
- M&A
- Gurus
- Spinoffs
- Buybacks
- More
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.
Fox Corporation is an American mass media company formed in 2019 as a result of the acquisition of 21st Century Fox by the Walt Disney Company (DIS) in a $71 billion deal; the non-acquired assets were spun off from 21st Century Fox as Fox Corporation which began trading on March 19, 2019. The company is controlled by the Murdoch family which owns around 40% of the company.
On May 2018 it was confirmed that British-Australian businessman and Rupert Murdoch’s oldest son Lachlan Murdoch, would take charge of new Fox. The company mainly deals in television broadcast, news, and sports broadcasting industries, focusing on producing, licensing, acquiring, marketing, and distributing content. The company is the owner of a lot of brands and programming such as Simpsons, Family Guy, Bob’s Burgers, Hell’s Kitchen, MasterChef, and Next Level Chef. The business has three different segments: Cable Network Programming, Television and Corporate & Eliminations.