News Corporation Announces New Share Repurchase Program

Company to Repurchase Up to $1 Billion of Common Stock

Transaction Highlights Company's Commitment to Shareholder Value

New York, NY - February 28, 2023 - News Corporation (Nasdaq: NWS, NWSA) today announced a new share repurchase program under which the Company is authorized to repurchase up to $1 billion of its outstanding Class A common stock and/or Class B common stock. Repurchases under the program may be made from time to time through open market transactions, block trades, or privately negotiated transactions. The timing and amount of any repurchases will depend on a number of factors, including market conditions and the Company's financial condition and capital allocation priorities.

The new share repurchase program replaces a prior authorization announced in February 2022 under which the Company repurchased approximately $970 million of its common stock. The Company's Board of Directors believes that the Company's financial performance and strong cash flow generation provide it with the flexibility to execute this share repurchase program while continuing to invest in the Company's businesses and return capital to shareholders.

"This share repurchase program demonstrates our commitment to returning capital to shareholders and underscores our confidence in the Company's long-term growth prospects," said Robert Thomson, Chief Executive Officer of News Corporation. "We will continue to evaluate opportunities to enhance shareholder value through a combination of share repurchases and other capital allocation strategies."

As of December 31, 2022, News Corporation had approximately 693 million Class A shares and 382 million Class B shares outstanding.