Our journalism usually sits behind a paywall, but we believe this is the time to make more of our content freely available to as many readers as possible. For more free coverage, sign up to COVID-19 Watch.
News Corp didn’t buyback shares in April, as reported in Crikey’s Tips & Murmurs column on May 11. The purchases referred to in the column were made in previous years. The mistake was the writer’s, who misread the following paragraph from the March quarter report:
No stock repurchases were made during the nine months ended March 31, 2020 and 2019. Through April 30, 2020, the Company cumulatively repurchased approximately 5.2 million shares of Class A Common Stock for an aggregate cost of approximately $71 million. The remaining authorized amount under the stock repurchase program as of April 30, 2020 was approximately $429 million.
The phrase, “Through April 30, 2020″, doesn’t refer to the month, but to the entire buyback program, which was approved by the board in May, 2013.
This crisis will cut hard and deep but one day it will be over.
What will be left? What do you want to be left?
I know what I want to see: I want to see a thriving, independent and robust Australian-owned news media. I want to see governments, authorities and those with power held to account. I want to see the media held to account too.
Demand for what we do is running high. Thank you. You can help us even more by encouraging others to subscribe — or by subscribing yourself if you haven’t already done so.