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News Corporation to Leave London Stock Exchange on 28th June 2013

News Corporation, the owner of The Sun, The Times, The Australian, Fox News & HarperCollins books, is set to de-list from the London Stock Exchange on 28th June 2013. The change will coincide with a pre-announced decision to split the company between its global entertainment business and its newspapers & books.

The first of the new companies is expected to be named 21st Century Fox and will trade under “FOXA” and “FOX” on NASDAQ and the symbols “FOXLV” and “FOX,” on the ASX. This company will house News Corporation’s global media & entertainment businesses.

The second company will encompass News Corporation’s newspapers, information services and integrated marketing services, digital real estate services, book publishing, digital education and sports programming and pay-TV distribution in Australia. It will trade under “NWSA” and “NWS ”on NASDAQ and under temporary trading symbols at the ASX until “NWSLV” and “NW,” go live.

In connection with the separation, of shares of the new News Corporation will be distributed to the Company’s stockholders in a ratio of one share of the new News Corporation for every four shares of News Corporation. Furthermore, the Board authorized a $500 million stock repurchase program for the new News Corporation following completion of the separation.

Rupert Murdoch, who will serve as Chairman and CEO of the proposed 21st Century Fox, and Executive Chairman of the new News Corporation explained the move as a way to “unlock the true value of both companies and their distinct assets, enabling investors to benefit from the separate strategic opportunities resulting from more focused management of each division”.

About Business Desk

Business Desk
Editors and staff from the Business Desk at The Global Herald.

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