Fox Corporation (FOXA) reported Q2 EPS of $0.48, in-line with the analyst estimate of $0.48. Revenue for the quarter came in at $4.61 billion versus the consensus estimate of $4.58 billion.
DIVIDEND
The Company has declared a dividend of $0.25 per Class A and Class B share. This dividend is payable on March 29, 2023 with a record date for determining dividend entitlements of March 1, 2023.
SHARE REPURCHASE PROGRAM
The Company today announced that its Board of Directors has authorized incremental stock repurchases of an additional $3 billion of the Company's Class A Common Stock and Class B Common Stock (collectively, the "Common Stock"). With this increase, the Company's total stock repurchase authorization is now $7 billion. Subject to market conditions and other factors, the Company intends to repurchase in the open market or otherwise a combination of Class A Common Stock and Class B Common Stock. The program has no time limit and may be modified, suspended or discontinued at any time. The Company also announced that it intends to enter into an accelerated share repurchase transaction to repurchase $1 billion of Class A Common Stock under the stock repurchase program and to repurchase an additional $450 million of Common Stock during the remainder of fiscal 2023. To date, the Company has repurchased approximately $2.2 billion of Class A Common Stock and approximately $935 million of Class B Common Stock.