News Corp. Completes Reincorporation

Nov 12, 2004  •  Post A Comment

News Corp. on Friday said it had completed its reincorporation to the United States, transforming the Australian-based media giant into an American company.

As part of the move, News Corp. Class A nonvoting and Class B voting shares on Friday began trading on the New York Stock Exchange under the ticker symbols NWS.A and NWS, respectively. The company will also trade shares on the Australian Stock Exchange and obtain by month’s end a secondary listing on the London Stock Exchange.

The reincorporation comes as more than three quarters of News Corp.’s revenue is derived from its U.S. businesses, which include Twentieth Century Fox, Fox Broadcasting and cable channels Fox News Channel and FX.

News Corp. officials decided to make the move to become a U.S. company to gain better access to the U.S. capital markets, which it had limited access to as an Australian-based company.