You will be redirected back to your article in seconds

21st Century Fox Unveils $4 Billion Stock Buyback

Fox will complete the program over the next year

Investors in 21st Century Fox breathed a sigh of relief on Thursday after COO Chase Carey announced a plan to buy back $4 billion in stock for the first time.

21st Century Fox debuted its stock in July after splitting from News Corp. in June.  Since then, Wall Street has wondered just how much the newly launched shares would benefit investors.

The buyback plan, which Carey said he expected to execute over the next 12 months, should give increased confidence to shareholders that management has placed a priority on shareholder friendly capital allocation long-term.

Carey Made his comments during Fox’s investor day on Thursday. Analysts have gathered in the Fox lot to hear remarks from Carey, studio chairman Jim Gianopulos and News Corp. topper Rupert Murdoch.

While Thursday’s announcement is new, the buyback still falls under News Corp.’s previously announced plan to repurchase $10 billion in stock.  To date, the company has repurchased $7 billion, but slowed down the program during the split. Many analysts had expected Fox to announce a buyback plan of between $4 billion and $6 billion, as all of the major conglomerates have launched aggressive share repurchase programs.

More Biz

  • --FILE--Wang Jianlin, Chairman of Dalian Wanda

    Wanda Reports Nearly 11% Revenue Drop in 2017

    Investors in 21st Century Fox breathed a sigh of relief on Thursday after COO Chase Carey announced a plan to buy back $4 billion in stock for the first time. 21st Century Fox debuted its stock in July after splitting from News Corp. in June.  Since then, Wall Street has wondered just how much the […]

  • Sag Awards Preview

    How to Watch SAG Awards 2018 Online

    Investors in 21st Century Fox breathed a sigh of relief on Thursday after COO Chase Carey announced a plan to buy back $4 billion in stock for the first time. 21st Century Fox debuted its stock in July after splitting from News Corp. in June.  Since then, Wall Street has wondered just how much the […]

  • Women's March rallyWomen's March rally, New

    Celebrities Champion LA, NYC Women's Marches: 'March On, My Sisters!'

    Investors in 21st Century Fox breathed a sigh of relief on Thursday after COO Chase Carey announced a plan to buy back $4 billion in stock for the first time. 21st Century Fox debuted its stock in July after splitting from News Corp. in June.  Since then, Wall Street has wondered just how much the […]

  • Thousands of people gather holding protest

    Marchers Reference 'Get Out,' 'Black Mirror' at New York City Women's March

    Investors in 21st Century Fox breathed a sigh of relief on Thursday after COO Chase Carey announced a plan to buy back $4 billion in stock for the first time. 21st Century Fox debuted its stock in July after splitting from News Corp. in June.  Since then, Wall Street has wondered just how much the […]

  • Los Angeles Women's March

    How to Watch the Los Angeles Women’s March Online

    Investors in 21st Century Fox breathed a sigh of relief on Thursday after COO Chase Carey announced a plan to buy back $4 billion in stock for the first time. 21st Century Fox debuted its stock in July after splitting from News Corp. in June.  Since then, Wall Street has wondered just how much the […]

  • Lori Mccreary and Gary Lucchesi PGA

    How Harvey Weinstein Drove the PGA to Combat Sexual Harassment on Set

    Investors in 21st Century Fox breathed a sigh of relief on Thursday after COO Chase Carey announced a plan to buy back $4 billion in stock for the first time. 21st Century Fox debuted its stock in July after splitting from News Corp. in June.  Since then, Wall Street has wondered just how much the […]

More From Our Brands

Access exclusive content