25 Sep 2017
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21st Century Fox to delist from Australia

MUMBAI: US media conglomerate News Corp has noted the announcement by 21st Century Fox that it had initiated the process to pursue the removal of its full foreign listing on the Australian Securities Exchange (ASX) subject to the approval of the holders of its Class B Common Stock.

News Corp CEO Robert Thomson said that it was important for shareholders to know that News Corp remains listed on the ASX and Australia continues to be a significant market for the company’s lines of business.

Following the separation of the old News Corporation into two distinct publicly traded companies last year, the new News Corp maintains major operations in Australia through its ownership of more than 120 publications in the country, HarperCollins Australia and Fox Sports Australia. News Corp also is majority owner of the Australian digital real estate services business, REA, and owns 50 per cent of Foxtel.

Thomson said, “We are proud of our Australian provenance. More than 30 per cent of News Corp’s revenue was generated from Australia last year. ”I spent much of December in the country, speaking with some of our 9,000-plus employees and holding meetings to focus on our strategies for growth in the region.”