Buyback continues, with roughly $587 million still authorized

This is a routine progress update, not a new capital-allocation decision. The filing confirms continued purchases under the already authorized $1 billion 2025 Repurchase Program, with no change to the program’s size, eligible shares, or basic terms (Buy-back description; Section 3B). Against that standing expectation, the update is essentially in line.

Execution has reached about 41% of the authorization. News Corp. reports approximately $412.7 million spent to date, leaving roughly $587.3 million available under the program (Section 4.8). The latest reported activity was modest: 62,323 shares repurchased for $1.8 million on August 7, 2026, alongside $267.2 million of cumulative purchases before that day (Section 4.3; Section 4.4).

The filing does not materially change the investment picture. Purchases remain subject to market conditions and are directed at Nasdaq-listed Class A and Class B shares; ASX-listed CDIs are excluded (Buy-back description). There is no new guidance, acceleration, expansion, or alteration of the authorization, so the net read versus expectations is neutral rather than positive merely because repurchases are continuing.