Twenty-First Century Fox 2014 Annual Report Download - page 119

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TWENTY-FIRST CENTURY FOX, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
113
Stock Repurchase Program
The Board has authorized a stock repurchase program, under which the Company is currently authorized to
acquire Class A Common Stock. In August 2013, the Board authorized the repurchase of $4 billion of Class A
Common Stock, excluding commissions, which replaced the remaining authorized amount under the stock
repurchase program.
The remaining authorized amount under the Company’s stock repurchase program at June 30, 2014, excluding
commissions, was approximately $0.6 billion which was utilized in full subsequent to June 30, 2014. In August
2014, the Company announced that the Board approved an additional $6 billion authorization to the Company’s
stock repurchase program for the repurchase of Class A Common Stock. The Company intends to complete this
stock repurchase program by August 2015.
The program may be modified, extended, suspended or discontinued at any time.
Below is a summary of the Company’s purchases of its Class A Common Stock:
For the years ended June 30,
2014 2013(a) 2012(a)
(in millions)
Total cost of purchases ...................................................................................... $ 3,772 $ 2,026 $ 4,589
Total number of shares purchased ..................................................................... 115 81 258
(a) During fiscal 2013 and 2012, the shares repurchased were Class A Common Stock of the Company then
known as News Corporation.
The Company did not purchase any of its Class B Common Stock during the three fiscal years ended June 30,
2014.
Dividends
For the years ended June 30,
2014 2013 2012
Cash dividend paid per share ............................................................................. $ 0.250 $ 0.170 $ 0.180
Subsequent to June 30, 2014, the Company declared a dividend of $0.125 per share on both the Class A
Common Stock and the Class B Common Stock, which is payable on October 15, 2014. The record date for
determining dividend entitlements is September 10, 2014.
Temporary Suspension of Voting Rights Affecting Non-U.S. Stockholders
On April 18, 2012, the Company announced that it suspended 50% of the voting rights of the Class B
Common Stock held by stockholders who are not U.S. citizens (“Non-U.S. Stockholders”) in order to maintain
compliance with U.S. law which states that no broadcast station licensee may be owned by a corporation if more
than 25% of that corporation’s stock was owned or voted by Non-U.S. Stockholders, their representatives, or by any
other corporation organized under the laws of a foreign country. The Company owns broadcast station licensees in
connection with its ownership and operation of U.S. television stations. As of October 2013, the suspension of
voting rights of shares of Class B Common Stock held by Non-U.S. Stockholders was 35%. This suspension of
voting rights will remain in place for as long as the Company deems it necessary to maintain compliance with
applicable U.S. law, and may be adjusted by the Audit Committee as it deems appropriate.
Voting Agreement with the Murdoch Family Interests
On April 18, 2012, the Murdoch Family Trust and K. Rupert Murdoch (together the “Murdoch Family
Interests”) entered into an agreement with the Company, whereby the Murdoch Family Interests agreed to limit their
voting rights during the voting rights suspension period. Under this agreement, the Murdoch Family Interests will